What's the average interest rate or APR for most credit cards?

In arriving at the average interest rate or APR for all types of credit cards, there are two rates that should be taken into account. First is the variable rate, wherein the interest rate of credit card fluctuates according to movements of federal interest rates or other interest rate barometers. Another rate that should be considered is the fixed rate, in which the credit card rates remains the same regardless of movements in federal rates, however it can be modified in the future.

Accordingly, as of July 31, 2010, there are different average interest rate for different types of credit cards: -Consumer credit card rate: 16.79% -Non-reward consumer card rate: 15.22% -Reward credit card: 17.46% -Student credit card: 16.23% -Business credit card without reward: 13.75% -Business reward credit card: 15.92% Compared to previous figures, the average interest rates has fallen but still way above the preferable 15% below rate.

I wish I could tell you that you can expect 3% to 5%, but realistically that isn't the case. The average APR on credit cards is 14.9%. If you have a good credit score and your APR is higher than 14.9%, than the rate is too high.In this case, you should request a lower APR.

If it isn't granted, switch to another credit card with a lower rate. There are some credit cards that offer a 0% introductory APR, but then after a certain period of time it goes up to their normal rate. Watch carefully for this, as the normal rate may be higher than the average rate.

Also, sometimes cards offer balance tranfers at low rates in the neighborhood of th 3 to 5 percent you mentioned in your question. Be very careful to make sure you don't miss any payments. If you do, this will result in a fee of typcally $39 and your APR will skyrocket to 30% or more.

I haven't seen a 3 or 5 percent card in a while. A "good" rate would be around 9%, some cards have rates as high as 35%. My credit card with a 14 percent rate often sends me special offers for a limited time - usually a year - I can transfer balances and receive a 3 per cent rate.

The catch is, there is a fee of 3 or 4 percent for transferring the balance. So if I fold back in the cost of the fee, the actual special rate is now 6 or 7 percent. Still not bad, just not as great as they advertise.

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