Annual Percentage Rate for Credit Cards

The Annual Percentage Rate (APR) for credit cards can vary depending on the card issuer, the cardholder’s creditworthiness, and other factors. Credit card APRs can be fixed or variable, and may vary for purchases, balance transfers, and cash advances.

In general, credit card APRs tend to be higher than other types of loans or credit products, such as personal loans or mortgages. According to the Federal Reserve, the average credit card APR in the United States was 16.28% as of November 2021.

Credit card APRs can range from as low as 0% for introductory offers to as high as 30% or more for cards targeted at consumers with lower credit scores. It’s important to note that credit card issuers can change the APR at any time, so it’s important to carefully review the terms and conditions of any credit card offer.

Credit card issuers are required by law to disclose the APR in the cardholder agreement and on monthly statements, so it’s easy to find this information when comparing credit card offers. When selecting a credit card, it’s important to consider the APR as well as other factors, such as rewards programs, fees, and other terms and conditions, to find a card that best fits your needs and budget.