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Q: I have excellent credit (760), but I still think my interest rate is high. What should it be?
A: 10.99% is usually the lowers credit card annual percentage rate (APR); therefore, it is regarded as the best. Anywhere between 10.99% and 19.99% can be considered a good interest rate. Of course, the closer you stay to 10.99%, the better.
The interest rate you are charged will depend on a number of factors, including your current credit score, your debt-to-income ratio, and other factors. If you received a card at an introductory rate of 0.00%, another credit history will be obtained before the company decides what your average APR from the time the introductory rate expires will be.
If you credit score is excellent, and excellent is considered anywhere between 750 to 800, then you most likely will receive the lowest 10.99% rate. There may be a few cards with rates under 10.99%, but this figure is usually the lowest one that credit card companies offer. If you credit score is lower than 750, but still above 650, you may still be eligible for an interest rate between 10.99% and 15.99%. Anything lower than 650 may result in higher rates. 19.99% is usually the highest for those with “less than perfect” credit; however those people with very low credit scores, too much debt, or other factors may see interest rates 20.99% or higher.