What Is a ‘Good’ Credit Card APR?

NEW YORK (MainStreet) — One of the advantages of having a great credit score is being eligible for the lowest annual percentage rates that credit card issuers have to offer, but with the industry average hovering close to 15%, how low (or high) do APRs currently go? MainStreet breaks down the typical APR ranges, based on the type of credit card you have.

What’s a Great APR?

Generally speaking, low-interest rate cards hover around 10%, but there are a few products on the market that advertise rates substantially lower. The Simmons First Visa Platinum, for instance, features an ultra-low 7.25% variable APR, but you’re going to need well above average credit to qualify for that card.

You could potentially score a similarly low APR with a lower credit score if you elect to go with a product from a credit union. Atlanta-based Associated Credit Union, which allows new members to apply online, offers its Visa Platinum Preferred with a 9.9% APR to members with a FICO score higher than 680. (It awards a 12% APR to members with a FICO score of 600.)

APRs for Rewards Cards

Credit cards for major issuers have ranges that skew higher, especially when the card has a rewards program attached to it. According to Beverly Harzog, a credit card expert for Credit.com, Discover tends to feature the lowest rates and has a range of 10.99% to 19.99% on its More card. Meanwhile, Chase features an 11.99% to 22.99% of its popular Freedom card.

The thing to keep in mind here is that because these cards require good to excellent credit just to qualify, the low end of these ranges is going to be reserved for those with perfect credit scores.