Highest Credit Card Interest Rates (2024)

FAQs

What is the highest interest rate a credit card can have? ›

There is no federally mandated maximum interest rate for credit cards. For credit cards, the CARD Act offers various protections and provides more transparency when it comes to rates.

At the federal level, there are no usury laws limiting the amount of interest a credit card company can charge borrowers. However, the federal government protects consumers from unfair practices by credit card companies under the Credit Card Accountability, Responsibility and Disclosure Act of 2009.

Yes, a 24% APR is high for a credit card. While many credit cards offer a range of interest rates, you'll qualify for lower rates with a higher credit score. Improving your credit score is a simple path to getting lower rates on your credit card.

Yes, a 26.99% APR is high for a credit card, as it is above the average APR for new credit card offers. Credit card APRs can be much lower, and some cards offer an introductory 0% APR for a certain number of months, which can save you a lot of money.

A good credit card APR is a rate that's at or below the national average, which currently sits above 20 percent. While there are credit cards with APRs below 10 percent, they are most often found at credit unions or small local banks. If you don't have good credit, you're likely to receive a higher credit card APR.

Usury is the act of lending money at an interest rate that is considered unreasonably high or that is higher than the rate permitted by law.

California's general usury limit for non-consumers is more than 5% greater than the Federal Reserve... Maximum Rate to Consumers: 12% per annum. In civil suits where interest is allowed, it is allowed at 10%. The general usury limit in the District of Columbia is anything greater than 24%.

Key Takeaways

Your interest rate may have nothing to do with your credit score. Rewards credit cards typically charge a higher APR than cards without rewards. When you pay your entire statement balance by the due date, you won't be charged interest on purchases.

Contact your credit card issuer using the number on the back of your credit card and explain why you would like an interest rate reduction. Start by highlighting your history with the company and mention your good credit and history of on-time payments.

The Capital One Platinum Credit Card is a solid choice for people looking to build credit. You won't earn rewards or have access to many perks, but it will help you learn to manage your credit effectively. But, beyond helping you to build your credit, this card doesn't have much to offer.

What APR should I expect with a 700 credit score? ›

A credit score of 700 gets you an interest rate of 3% to 6% on car loans for new cars and about 5% to 9% for second-hand cars.

The current highest credit card interest rate is 36% on the First PREMIER® Bank Mastercard Credit Card. The next highest credit card interest rate seems to be 35.99%, charged by the Total Visa® Card and the Milestone® Mastercard®.

This means there are no limits on credit card interest rates in practice. So, the best way to protect yourself as a borrower is to stay informed about your federally guaranteed rights to interest rate disclosures and other protections.

Average Credit Card Interest Rate by Credit Score

This status tends to translate into higher APRs for you as a cardholder. It's not unheard of to encounter credit cards with APRs as high as 25% to 30%. Exact interest rates on credit cards can differ from one company to another, and among individual cardholders as well.

A good APR for a credit card is around 17% or below.

USURY LAW (LIMITATIONS ON INTEREST RATES CHARGED ON LOANS) The California Constitution prohibits loans that are made primarily for personal, family or household purposes from having interest rates above 10% per year. This is California's general usury law.

Yes, 18.00% is a good personal loan rate for people with good credit. Applicants with a credit score of 660+ could qualify for a personal loan with a 18.00% APR if they choose the right lender and have enough income to afford the loan.