Credit card APR is a hot topic when it comes to selecting a new credit card. Credit card rates are on the rise leaving us with just one question: Who charges the least interest on credit cards?
If you conduct a search on the internet you will find that the going low rate is around 11.99%. This may seem a bit on the high side if it has been a while since you have applied for a credit card. Interest rates on credit cards are going up.
Rather then applying for a new credit card, another option is to call your current credit card companies and haggle with them. Let them know that you would like to use their card but their rate is simply too high. With a lot of convincing and a little luck you may be well on your way to a much lower rate. I know of a person who has been a long time Discover card holder. After speaking with a representative he talked his way into an extremely low fixed rate on all purchases.
While interest rates are well above 11% there is one card that stands out above the rest right now. The Simmons First Visa Platinum card now offers a sweet 9.25% APR with no annual fee. This card also earns one point for every dollar that you spend. One disadvantage is that this card requires excellent credit- something that not all of us have.
Remember that credit cards are unsecured debt therefore they are associated with a higher risk on the lenders part. This higher risk translates into a higher interest rate paid by the card user. You should expect to pay anywhere from 8% on up depending on your credit.