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#4753011 - 05/10/18 01:07 PM What's a Good Credit Card Rate?
john_pifer Offline


Registered: 07/08/12
Posts: 1882
Loc: Nashville, TN via Memphis
Just noticed that my credit card rate is 16.49%. I don't believe it started out that high, years ago, when I first got this card. There's no reason for them to have gone up - I've never been late on a payment, and I usually pay it off every month, but I'd still like it to be lower, just in case.

I noticed it when they recently changed the app and added a feature that lets you easily see the purchase APR.

I've never been late on anything, and, last time I checked my score, over 2 years ago, when I got my WRX, I was 800+.

So, what's a good rate? Shouldn't my company lower it if I call and demand it? I would think it should be well under 10%.
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#4753018 - 05/10/18 01:12 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
supton Offline


Registered: 11/09/08
Posts: 11754
Loc: NH
If you're never late, does it matter?

I'm not sure what it takes to get a good credit rating score, but I thought keeping the same card for years helped. So I've never done the game of swapping cards--just pay off & not worry about what the rate is.
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#4753020 - 05/10/18 01:13 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
Reddy45 Offline


Registered: 08/15/08
Posts: 2898
Loc: USA
The rate should be tied to the current prime rate and will fluctuate over time.

Having a “permanent” low rate is unheard of these days unless you have a top tier card for business use.


Edited by Reddy45 (05/10/18 01:14 PM)

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#4753023 - 05/10/18 01:16 PM Re: What's a Good Credit Card Rate? [Re: supton]
ssamaroo01 Offline


Registered: 08/22/17
Posts: 51
Loc: Mt. Vernon, NY
Originally Posted By: supton
If you're never late, does it matter?

I'm not sure what it takes to get a good credit rating score, but I thought keeping the same card for years helped. So I've never done the game of swapping cards--just pay off & not worry about what the rate is.


It does matter. Just because the OP wasn't late does not mean he paid his balance in full. It means that he paid at least the minimum payment amount on time. The remainder of the balance, if any, is subject to interest.
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#4753024 - 05/10/18 01:17 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
Dave1027 Offline


Registered: 05/02/18
Posts: 20
Loc: California
The best rate is zero. That's what I pay. Never in my life have I ever paid a dime in credit card interest. I never carry a balance.

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#4753025 - 05/10/18 01:17 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
JohnnyJohnson Offline


Registered: 10/22/09
Posts: 2616
Loc: Wet side WA
I seriously don't care what their rate is my card is paid off every month. But that must be why my credit score is so bad over 800.
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#4753028 - 05/10/18 01:18 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
madRiver Offline


Registered: 07/11/15
Posts: 3459
Loc: New England
High rate cards are tied up with great benefits. If you pay it off who cares.

We have the amazon card and get 3% kick on amazon purchases (150 orders per year + prime), 2% on gas, restaurant and drugstores. 1% everything else. Lucky because our home heating fuel is incorrectly setup as gas to them.

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#4753029 - 05/10/18 01:19 PM Re: What's a Good Credit Card Rate? [Re: Dave1027]
02SE Offline


Registered: 12/30/05
Posts: 2672
Loc: The Canyons
Originally Posted By: Dave1027
The best rate is zero. That's what I pay. Never in my life have I ever paid a dime in credit card interest. I never carry a balance.


+1

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#4753036 - 05/10/18 01:25 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
BJD78 Offline


Registered: 08/05/17
Posts: 465
Loc: Nebraska
They go up ... just because they can. Those big bank execs make big $$ on interest and fees from cards. Best way to deny them is to not carry a balance and if you must use the card for example buying airline tickets or renting a car, pay it off before the billing cycle ends. CC companies also often keep their billing cycles well below a 30 day month and will have a 26 day bill cycle to create more late fees. The best thing for a card is probably a scissors, that is what Dave Ramsey says. I believe him. You could probably call and demand that they lower the rate and match the lower rate from company A or you will transfer. Some times they will lower rate sometimes not. They probably do not care if you drop them because they just think that their customer supply is unlimited. worth a try though, the worst thing is that they could say no and then you could transfer to a lower card anyway.
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#4753046 - 05/10/18 01:30 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
john_pifer Offline


Registered: 07/08/12
Posts: 1882
Loc: Nashville, TN via Memphis
I have been paying it off in full, every month. It just irritated me to see that the rate, in case something happened and I had to carry a balance, would be so high.

A quick search revealed a US News & World Report article that listed Simmons Bank as having a card that has an ongoing rate of 9.75%.
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#4753055 - 05/10/18 01:36 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
alarmguy Offline


Registered: 07/10/12
Posts: 2115
Loc: South Carolina
9 to 10 percent with excellent credit score would be good for a card.
Good is relative though, it's still insane.
I pay off my cards every month and actually use the higher rate cards for that reason as I get a min of 2 percent cash back on everything I buy and with others cards I have 5 percent back in certain categories.
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#4753059 - 05/10/18 01:38 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
The Critic Online   crying


Registered: 08/30/04
Posts: 19727
Loc: CA
I pay my cards off in full. Though I do occasionally use the AMEX plan it feature for very large tool purchases.

I just checked and my Chase Sapphire Reserve card carries a 17.49% rate.
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#4753069 - 05/10/18 01:45 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
Reddy45 Offline


Registered: 08/15/08
Posts: 2898
Loc: USA
Originally Posted By: john_pifer
I have been paying it off in full, every month. It just irritated me to see that the rate, in case something happened and I had to carry a balance, would be so high.

A quick search revealed a US News & World Report article that listed Simmons Bank as having a card that has an ongoing rate of 9.75%.


You are not understanding what is being said. The rate for almost any card is variable and tied to market rates. It may be 9.75 now but it could spike up to 16 or 20 based on the circumstances.

“Annual Percentage Rate (APR) of 9.75% is current as of 4/18/2018. APR may vary. Variable rate APR is Wall Street Journal Prime Rate + 5.00% per annum. ”

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#4753075 - 05/10/18 01:48 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
IndyIan Offline


Registered: 09/23/08
Posts: 9054
Loc: Ontario, Canada
I'm pretty sure our cards are 18-19%. But we don't keep a balance on them. I would make sure you have a plan to avoid carrying a credit card balance. We put a line of credit on our property years ago to help with building expenses and have paid it off, but keep it as its the cheapest loan rate we'll ever get.
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#4753076 - 05/10/18 01:49 PM Re: What's a Good Credit Card Rate? [Re: john_pifer]
Quattro Pete Offline


Registered: 10/30/02
Posts: 35729
Loc: Great Lakes
Originally Posted By: john_pifer

A quick search revealed a US News & World Report article that listed Simmons Bank as having a card that has an ongoing rate of 9.75%.

Just because it's 9.75% today does not mean it'll stay that way tomorrow. Banks run all sorts of promotions to lure in new customers, and once they have you, they jack up the rates.
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