Is 15.24% ARP high for a credit card interest rate?

I am still learning about credit card, the rates and such. I had a medical emergency awhile ago that ended up costing me a about 5,000, I am still paying it down as best I can, I was going over the bill and I noticed the interest rate, and was just wondering if 15.24% is a high rate, standard or low.

Update:

Judy,

I actaully have decent credit, my score as of last month was 730. And I already pay about 100 dollars every month over what is owed.

I also payed off my car in January. I am only 23, so over all I am pretty happy with where I am at so far.

-------------

I just got a job three days ago after going through some intense unemployment and am thrilled to finally be able to pay alot more.

Thank you for the information about my APR, I am grateful it is not higher now :-). I might check into a credit union card, thank you for the suggestion!

12 Answers

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  • CS
    Lv 7
    10 years ago
    Favorite Answer

    Before you sign up for any credit card you need to always read the fine print. Not reading and understanding the fine print is what cost so many people their homes during the mortgage crisis.

    If you have your original application or paperwork for the credit card find out what the fine print says. You may be paying 15.24% now but is it an introductory/adjustable rate? Is it set at a certain amount just for the first year or so? Recession or not, people with good credit who aren't afraid to negotiate will pay about 9%. What you're paying is not standard - nor should it be.

    Google Ann Minch, to learn about how one woman fought back against her credit card APR. Her videos on You Tube sparked national outrage. Interesting story.

    Source(s): Former collections agent.
  • 4 years ago

    Hello, To answer your question, you should ask yourself these other questions. 1. Will I carry a balance on this card for more than 29 days. 2. Does this card offer me benefits that my other cards don't, ie; travel and cancellation insurance, purchase protection. 3. Is there an annual fee. If it's a store card get rid of it, avoid the extra 10 - 15% ddiscount if you sign up now trap. Just ask them when are they having a sale. If you don't have what it takes to resist, use a low bearing interest card (10- 15%) Unless the card is offering travel and cancelation insurance, you don't need it. Be careful of low intruductory rates especially after the grace period when you might have to carry a balance at a rate of 18-28%. Not paying your minimum monthly payment, and carrying a balance grater than 75% of the limit, and constant credit seeking (more than 6 per year), collections, proposals, any of these combination will dramatically decrease your credit rating. Hope that was helpful.

  • 4 years ago

    This Site Might Help You.

    RE:

    Is 15.24% ARP high for a credit card interest rate?

    I am still learning about credit card, the rates and such. I had a medical emergency awhile ago that ended up costing me a about 5,000, I am still paying it down as best I can, I was going over the bill and I noticed the interest rate, and was just wondering if 15.24% is a high rate, standard or...

    Source(s): 15 24 arp high credit card interest rate: https://shortly.im/E4oci
  • 3 years ago

    Arp Rate

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  • 10 years ago

    15.24% is not a bad rate in light of the current economy. I would recommend calling the credit card company and asking if it can be lowered. I know from experience, that sometimes, there are potions that credit card providers have, besides, even if you call and they say no the only think that you have lost is a few minutes of your time. Another thing (and you might already be doing this), try and avoid making the min due payment, because if you do, and you look at your monthly finance charge, you will see that a majority of your payment is going toward the fin charges, and only a very little bit is going to the principle amount. Even, a few dollars a month over the min due, in the course of paying the card off will make a huge difference. Good Luck, have a speedy recovery!

    Source(s): I have been working for a major credit card provided for over 10 years, I started off on the phones, now I am an analyst.
  • ?
    Lv 7
    10 years ago

    For you that is not high Most charge card companies are charging young people 29%.

    Someone with a great credit history could get a bank loan for 6 to 8%

  • 10 years ago

    It's average. Mine are between 8.9% and 11.9%. I could get lower but I'm happy with my cards because they are with credit union and a smaller bank. You should look for a card with a lower interest rate and if they offer a low fee or no fee balance transfer maybe do that and pay it down.

  • Anonymous
    10 years ago

    It's kind of average these days, but you could do far better. Try to get a card through a Credit union, you'll get a rate about half that...

  • Anonymous
    10 years ago

    Carrying credit card balances is extremely derogatory to your credit reports.

    Employers check, so do car insurance companies and landlords.

    Pay this off ASAP, with all your might.

    There is only one way to use credit cards.

    That is to buy things you need each month an pay in full.

    Your interest rate is average.

    But please pay more than the mininum so you can get good credit someday.

    /

  • 10 years ago

    For a credit card, that is low.

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