APR For Credit Cards
Knowing the APR for credit cards you hold is very important due to this will help you determine how much each costs you. The cost is a loss of money for you, taken away from your potential savings, which depletes your wealth. The interest on a credit card is usually given as an annual percentage rate (APR). The APR for credit cards varies from card to card and also depends on how much you borrow and which lender you use. When applying for a new credit card, it's important to look at the APR and what fees you might be charged if you go over your limit or miss a repayment.
When looking for a good APR, it is useful to look at current interest rates as they are always changing. A good APR is anything that is lower than the current average interest rate. So, an APR that is good right now might not be so great in a year or two if interest rates drop.
However, the APR that you are able to get is generally dependent on your credit score. The best credit card deals with the lowest interest rates might be available to those with good credit, you might even get a 0% rate as a promotion for a certain time period. If you have bad credit, this will affect the APR for credit cards and your ability to borrow from other sources, like getting a mortgage, for example.
If you are in a difficult financial position and you are struggling to find a mortgage because of your poor credit, get in touch with Mortgage Quote today. We might be able to help you restructure your mortgage and connect with our partner lenders to find a mortgage that works for you to restart building your credit. You might even qualify for a bad credit loan.
What is APR on a credit card?
What is a credit card interest rate?