I'm just curious to see how high interest rates can be on credit cards. I know they can get up to 23, 24, and 25 percent, because I already have a few of those cards! If you've heard of one higher than that, or have one, let me know. I'd also like to know how low interest rates can be on credit cards. You can't actually get an A.P.R. of 1% can you?
2006-06-20 20:07:36 · 4 answers · asked by DustInCarroll 4 in Business & Finance ➔ Personal Finance
Interest rates vary very widely. Some credit card loans are secured by real estate, and can be as low as 6 to 12% in the USA (2005). Typical credit cards have interest rates between 7 and 26% in the USA (2005), depending upon the borrower's credit history. Typical credit limits are $200 to $20,000 on unsecured loans, and can be any amount up to the equity in real estate ($1000 to $200,000 being a typical range) on a secured loan. Interest rates in developing countries are typically far higher, with rates of 150% per year not being at all uncommon. Brazil has even higher interest rates, about 50% over that of most developing countries, which average about 200%. A bank-issued Visa or Mastercard to a new account holder can have annual interest as high as 240%, even though inflation seems under control at around 6% per annum (Economist, May 2006). These accounts have typically very low credit limits (USD$40 to $400), and are used for convenience and quick payback. They also often offer a grace period with no interest until the due date. Many people in the USA complain about high interest rates (at any rate higher than what they are used to), with interest rates in other countries giving a new perspective.
2006-06-20 20:37:05 · answer #1 · answered by bmoc65 1 · 0⤊ 0⤋
I've seen 29%. You can get 0% interest cards but the rate is usually available for a limited time. Check with www.fools.com to compare interest rates.
2006-06-20 20:34:00 · answer #2 · answered by icyharris2006 2 · 0⤊ 0⤋
I have 2 that are 26.99% - didn t read the fine print. Am going to call and see if I can get them down. They may be legal but not moral - it is like borrowing from the mob. Too busy taking care of my 94 year dad with dementia and living on SS to pay attention to my own business and now I am paying bigtime.
2015-07-20 14:41:26 · answer #3 · answered by Jenny 1 · 0⤊ 0⤋
I personally have only seen them go up to 19% interest
2006-06-20 20:11:24 · answer #4 · answered by quizqueen 4 · 0⤊ 0⤋