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What is a Good Interest Rate on a Credit Card?

What is a good interest rate on a credit card? That’s a great question since credit cards are notorious for their sky-high interest rates! After all, the interest rate can and does affect how much money you will waste on interest. But many people aren’t sure what a “good interest rate” really is when first applying for a credit card. So I thought I would address in this article what a good interest rate on a credit card should look like!

What is a Good Interest Rate on Credit Cards?

  • 0% interest is ideal (If you’re a dreamer)
  • 0.99-5% is an excellent normal rate
  • 5-10% is good for a credit card (more like “okay”), but is about what you can expect on average if you have decent credit
  • 10-15% is bad, and you can certainly find a lower rate if your credit allows
  • 15-25% is MURDER! Pay off this balance, or negotiate a lower rate immediately.

I will come straight out and tell you that a good interest rate on a credit card is 0%. That is the only “good” interest rate, because at that rate you aren’t paying a dime in interest! Unfortunately, credit card companies want to make money, so you will only find 0% interest as an introductory rate on a credit card (which I love).  In fact, I would search for this rate if you are applying for a new card, even though it may go up to a higher amount in a few months. Any time you see a 0% interest credit card, go for it (after reading the fine print of course).

But considering no company will give you an interest free loan for too long, what is a good regular interest rate? 5% or lower is a really good interest rate on a card. If you can keep this rate, consider yourself lucky! Credit cards do sometimes offer credit card rates as low as 5% or lower. So hang on to any cards with rates this low.

At 6-10%, it is more “average” but not necessarily “good.” Many people fall into this range, and this is normal for a person with decent to great credit. Again, I would love to earn that kind of interest on my savings, but it is hard to earn that much unless you get lucky with stocks.

At 10-15%, you are getting ripped off. Well, not technically “ripped off” since you kinda agreed to those terms. But you can certainly do better than that in most cases. If you have a rate at this level, you may want to call your company and see if they will lower your rate. This can burn up the interest charges fast!

At 15-25% credit card interest, you are a dead man (or woman)! Forget about paying off that balance if you pay the minimum monthly payment and have a high balance. Your grand-kids will still be paying on it! If your rate is this high, it is time to consider calling to get a lower rate, or looking for a new card ASAP!!

Conclusion: A Recap Of Good Interest Rates on Credit Cards

  • 0% interest is ideal
  • 0.99-5% is an excellent normal rate
  • 5-10% is good (more like “okay), but is about what you can expect on average if you have decent credit
  • 10-15% is bad, and you can certainly find a lower rate if your credit allows
  • 15-25% is MURDER! Pay off this balance, or negotiate a lower rate immediately
  • Fill the credit card application out completely. Make sure you don’t miss any important information.
  • Place the application in a secured envelope (preferably one that isn’t see-through). Many companies provide an envelope with the address pre-printed.
  • Ensure the address printed on the envelope (the credit card company’s), is a real address for that company. Sometimes people may place fake addresses on an envelope in an attempt to steal information. A quick check online will reveal if the company uses that address.
  • Drop the envelope INSIDE a post office drop box indoors. This reduces the risk of a postal worker tampering with, or losing, the envelope.
  • Clearly print your return address just in case a delivery problem occurs.

If you follow those basic tips, you can ensure your letter will get there as safely as possible. Also, keep in mind that you can always fill out a credit card application online.

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