Are you sure that you know everything about fees and how much you really pay in interests when it comes to your credit cards? We have realized how numerous people from different parts of the globe are still not sure what is the average credit card APR. So, we have decided to make that clear once and for all. Continue reading and learn with us!
What is Credit card APR?
It stands for annual percentage rate. All it does is that it explains the interest rate you pay on your overall balance. Can it help you somehow? Yes, a lot! It can literally help you to choose the perfect credit card that completely suits your needs. Of course, keep in mind how it is always the best to choose the one with the lowest ARP.
But, what is a Credit Card Average APR?
What if you cannot escape it because all the other benefits of the credit card you have chosen have ‘won’ against that ARP score? It happens. Yet, you still should stay in the average ARP.
When we take a look at the statistics from 2018, we can easily see how the average ARP was 14.73%. But, what happens when we exclude all those customers who actually don’t pay the interests at all on their credit cards? Then, we can see how the average ARP goes up a little bit and reaches the percentage of 16.86.
How to Calculate APR?
If you want to calculate your costs besides the ARP by yourself, all you have to do is to think about the grace period, annual fees, multiple ARPs that may exist for some credit cards and think about what do you really qualify for.
Was this article helpful? Have you finally decided which credit card suits your needs the best now?
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