What is 24% APR on a credit card?
A 24% APR on a credit card is another way of saying that the interest you're charged over 12 months is equal to roughly 24% of your balance. For example, if the APR is 24% and you carry a $1,000 balance for a year, you would owe around $236.71 in interest by the end of that year.
Is 24% APR high for a credit card?
You still shouldn't settle for a rate this high if you can help it, though. A 24.99% APR is reasonable but not ideal for credit cards. The average APR on a credit card is 20.16%. A 24.99% APR is decent for personal loans.
What is a good APR rate?
A credit card APR below 10% is definitely good, but you may have to go to a local bank or credit union to find it. The Federal Reserve tracks credit card interest rates, and an APR below the average would also be considered good.
What does 22% APR mean on credit card?
A 22% APR means that the credit card's balance will increase by approximately 22% over the course of a year if the cardholder carries a balance the whole time. For example, if the APR is 22% and you carry a $1,000 balance for a year, you would owe around $216.99 in interest by the end of that year.
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