what is a good interest rate on a credit card ? well, to be honest this is tricky question! 😉 because for some people APR 10% are good! but for veteran or experts! 5% are more than enough! 😉 so basically it will depend on many factor, situation and condition! for example, for people that have fair, or bad credit! the best offer they can get is about 18% APR or 1,5 interest rates per month!
But if you have high credit cards transaction! even standard APR are about 14% actually they can ask credit card manager to decrease their APR to 9%! but for credit union, actually you can get 10% APR from the first beginning! but if you have good credit score! their system can give you much more lower APR to 6%
But it would be not fair! if I generalize APR for Banks and Credit Unions! because average APR for Banks are about 14% meanwhile for Credit union average APR are about 7-8%! and for several cases, Credit union also can charge standard APR! especially for people that have bad credit! but my suggestion is, if you have no credit history or bad credit! and still want low APR with Credit union! try their secured credit cards! instead unsecured! because who want do business with people that have bad credit ? but if you already improve you credit score! then ask Credit union better APR! otherwise you can go with banks! 😉
And also for company that not specialize in credit cards! such as, wallmart, Best Buy, Helzberg, Roamans, Goodys, Brandsmart, Kirklands, Boscovs, Meineke and etc! their interest rate or APR are about 18% to 36% because these kind of credit cards, can give lot of rewards! such as unlimited points, birthday gift, Discounts, free shipping, Cash Back and etc! that’s why their interest rates are a little bit to much 😀
But of course, for people that have good management dealing with debt! I am sure they can handle 30% APR! 😉 because grace period are about 25 day! so as long you pay full your debt, less than 25 day! they will not charge any interest rates! 🙂 but for people that have bad management dealing with debt or have less incomes! my suggestion is try to avoid interest rate per year or APR more than 25% because at some point, when you can’t pay your credit cards debt! you will get compound interest rates! for sure it can make worse your situation! 🙂
anyway, the best interest rate for credit cards basically 14% are good! especially for Banks! but for credit union! good APR are about 6%!