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.
Is 26.99 APR high for a credit card?
Is a 26.99% APR good for a credit card? No, a 26.99% APR is a high interest rate. Credit card interest rates are often based on your creditworthiness. If you're paying 26.99%, you should work on improving your credit score to qualify for a lower interest rate.
Is 29% APR too high?
Dear Vera, It is an unfortunate truth that one can very quickly do major damage to one's credit score. However, the reverse is true when trying to build credit back up.
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