What Is A Good APR For A Credit Card?

A good Annual Percentage Rate (APR) for a credit card is typically low, as it signifies the cost of borrowing on the card. The APR represents the interest rate charged on outstanding credit card balances. The lower the APR, the less you’ll pay in interest charges if you carry a balance on your card.

In general, a good APR for a credit card can vary depending on various factors, such as your creditworthiness, credit history, and the current market conditions. A favorable APR for a credit card is typically considered to be below 15%. However, it’s important to note that the best APRs are often reserved for individuals with excellent credit scores.

5 Situations That Could Increase Your APR On Credit Cards.

Keep in mind that many credit cards offer introductory 0% APR promotions for a certain period, such as 12 or 18 months, on balance transfers or purchases. These promotions can provide temporary relief from interest charges, making them particularly appealing if you plan to pay off the balance within the promotional period.

When choosing a credit card, it’s advisable to compare different offers and consider factors beyond just the APR. Look for additional benefits like rewards programs, annual fees, and customer service to determine which card aligns best with your financial needs.

What APR can I expect to get with my credit score?

The APRs for credit cards can vary based on your credit score. While specific APR ranges may vary depending on the lender and current market conditions, here is a general breakdown of average APRs for 5 credit score ranges:

	Excellent Credit (Credit Score 800-850). Average APR range: 13.99% – 15.99%.
	Very Good Credit (Credit Score 740-799). Average APR range: 15.99% – 18.99%.
	Good Credit (Credit Score 670-739). Average APR range: 19.99% – 22.99%.
	Fair Credit (Credit Score 580-669). Average APR range: 23.99% – 26.99%.
	Poor Credit (Credit Score 300-579). Average APR range: 27.99% – 29.99%.

Please note that these are general averages and individual credit card offers may have APRs that fall outside these ranges. It’s also worth noting that credit card APRs can vary based on factors beyond credit scores, such as the specific card, the type of transaction (e.g., purchases or balance transfers), and promotional offers. Remember that maintaining a good credit score can help you qualify for credit cards with lower APRs and better terms.

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What credit cards can I apply for with my credit score?

With an excellent credit score ranging from 800 to 850, you have a wide range of credit card options available to you. Lenders typically offer their best credit card products to individuals with excellent credit. Here are some credit cards that are often sought after by individuals with excellent credit scores:

	1. Chase Sapphire Preferred® Card.
	2. American Express® Gold Card.
	3. Citi® Double Cash Card.
	4. Capital One Venture Rewards Credit Card.
	5. Discover it® Cash Back.
	6. Bank of America® Premium Rewards® Credit Card.
	7. Capital One Quicksilver Cash Rewards Credit Card.
	8. Wells Fargo Propel American Express® Card.
	9. U.S. Bank Altitude® Reserve Visa Infinite® Card.
	10. Barclays Arrival® Premier World Elite Mastercard®.

With a credit score ranging from 740 to 799, you still have access to a wide range of credit card options. While you may not qualify for the absolute top-tier cards with the most exclusive benefits, there are still many excellent credit cards available to you. Here are some examples:

	1. Capital One Venture Rewards Credit Card.
	2. Chase Sapphire Preferred® Card.
	3. American Express® Gold Card.
	4. Citi® Double Cash Card.
	5. Discover it® Cash Back.
	6. Bank of America® Cash Rewards Credit Card.
	7. Wells Fargo Propel American Express® Card.
	8. U.S. Bank Altitude® Go Visa Signature® Card.
	9. Capital One SavorOne Cash Rewards Credit Card.
	10. Barclays AAdvantage® Aviator® Red World Elite Mastercard®.

Some credit cards are designed for people with a credit score ranging from 670 to 739. While you may not qualify for some of the premium or high-end cards, there are still several cards available to you that offer competitive benefits and rewards. Here are some examples:

	1. Capital One Quicksilver Cash Rewards Credit Card.
	2. Discover it® Cash Back.
	3. Chase Freedom Flex℠.
	4. Citi® Double Cash Card.
	5. Bank of America® Cash Rewards Credit Card.
	6. Wells Fargo Cash Wise Visa® Card.
	7. American Express® Blue Cash Everyday® Card.
	8. U.S. Bank Cash+™ Visa Signature® Card.
	9. Capital One Platinum Credit Card.
	10. Barclays Rewards Mastercard®.

With a credit score ranging from 580 to 669, you may have more limited options compared to those with higher credit scores. However, there are still credit card options available to help you rebuild and improve your credit. Here are some examples of credit cards that may be suitable:

	1. Capital One Platinum Credit Card.
	2. Discover it® Secured Credit Card.
	3. OpenSky® Secured Visa® Credit Card.
	4. Credit One Bank Platinum Visa® for Rebuilding Credit.
	5. Indigo® Platinum Mastercard®.
	6. Milestone® Gold Mastercard®.
	7. First Progress Platinum Prestige Mastercard® Secured Credit Card.
	8. Total Visa® Credit Card.
	9. Applied Bank® Secured Visa® Gold Preferred® Credit Card.
	10. First Premier Bank Credit Card.

These cards are often designed for individuals with fair or average credit and may come with higher interest rates, annual fees, or lower credit limits. However, they can serve as tools for rebuilding credit and demonstrating responsible credit behavior.

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With a credit score ranging from 300 to 579, your options are limited when it comes to traditional unsecured credit cards. However, there are credit card options available that can help you rebuild your credit. Here are a few examples:

	1. Secured Credit Cards. Secured credit cards require a security deposit as collateral, which serves as your credit line. These cards are specifically designed for individuals with poor credit or no credit history. Examples include the Discover it® Secured Credit Card, Capital One Secured Mastercard, and OpenSky® Secured Visa® Credit Card.
	2. Credit-Builder Loans. While not technically credit cards, credit-builder loans can help you establish or rebuild credit. These loans typically require you to make regular payments over a specified period, and once you complete the payments, you receive the loan amount. Self Lender and Credit Strong are a couple of platforms that offer credit-builder loan options.
	3. Store Credit Cards. Some retail stores offer credit cards that are relatively easier to qualify for, even with lower credit scores. Examples include store-branded credit cards from Walmart, Target, or Amazon. However, these cards often come with higher interest rates and limited usability outside of the specific store.

It’s worth noting that credit card approval is not solely based on credit scores, as other factors like income and existing debts are also considered. Additionally, individual credit card issuers may have their own criteria and requirements for approval.

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