The average credit card interest rate is around 16%, but some cards offer rates as low as 12%. If you carry a balance on your credit card, it’s important to find a card with a low interest rate to save money on interest charges.
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What Is the Lowest Interest Rate on a Credit Card?
When trying to find the lowest interest rate on a credit card, it is important to keep in mind that there are many factors that go into determining the interest rate. The three main factors are credit score, income, and debt-to-income ratio.
Credit score is the most important factor in determining the interest rate. The lower the credit score, the higher the interest rate will be. Income is also a factor in determining the interest rate. The higher the income, the lower the interest rate will be. The debt-to-income ratio is also a factor in determining the interest rate. The lower the debt-to-income ratio, the lower the interest rate will be.
The best way to find the lowest interest rates is to shop around and compare rates from different companies. It is also important to remember that offers with 0% APR for a limited time period may have balance transfer fees or other fees that offset any savings from the intro APR offer, so it’s important to read all of the terms and conditions beforeApplyi0ng for any credit card.