Credit card interest rates
We all need a credit card but we never think about how much it costs us. Credit cards are very helpful to manage our cash flow but when we use them we have to pay a high-interest rate. In this article, I will tell you how much credit card interest rates are.
If you are wondering how much credit card interest rates are, you probably have a good idea about credit cards. They are very useful. Many people prefer credit cards to other financial products because they don’t need to borrow money to use them. Credit cards allow you to buy anything you need at any time. They are very convenient because they allow you to make purchases whenever you need to.
The best thing about credit cards is that they give you a chance to make payments in installments. If you can afford it, you should use credit cards. You will be able to save a lot of money by using them. You can also save some money by using your credit cards wisely.
The best thing about credit cards is that they can be used to cover unexpected expenses. But it is not safe for people who are not good at managing their money. Interest rate is the biggest concern of people, so in this article, I will discuss credit card interest rates.
What is the interest rate?
Interest rate is the annual percentage of the money you borrow from the bank. It is also called APR (Annual Percentage Rate). It is the amount you pay every year as a return for your loan.
The interest rate of a credit card depends on the loan, the loan period, and the credit limit. Let me tell you the average interest rate of a credit card.
Average credit card interest rate
As per my observation, the average credit card interest rate is 15% to 18%. It means that for every $100 you borrow, you will have to pay $15 to $18 every year. It is also possible that the rate of your credit card may go up to 25% or even more.
How much a credit card interest rate is?
If you are paying only $100 on your credit card each month then the total interest you will pay on the credit card will be $300.
Conclusion:
If you want to know the exact credit card interest rate then you can call the customer care of your credit card company and ask for it. If you don’t get the exact answer, then you can also check the net interest rate calculator and calculate it yourself.
