By learning how to lower your credit card interest rate, you can save money and pay off your debts sooner.
When you take out a credit card, you’re charged to open and use the account. You may hear the terms “interest rate” and “APR” used interchangeably when referring to how much extra you’re charged when you carry over an unpaid balance from one month to another. To know how interest works, you need to know how it differs from APR. is the price you pay to borrow money. Interest is just the percentage charge that you incur for borrowing, without any other associated costs.
The prime rate is how much banks charge each other for short-term loans and is a reference rate for many types of consumer loans such as personal loans and credit cards. Banks may use the prime rate then increase it by a percentage to turn a profit., your credit report, and the type of card you’re trying to secure. Although interest rates may vary by a seemingly small percentile, it’s important to know how drastically your interest costs can go up with a small increase.
FICO credit scores can range from less than 580 , to 580-669 , 670-739 ,740-799 and more than 800 . If you can improve your credit score to the next-highest tier, you may qualify for a lower rate.
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