Is 24% interest rate good?

Is a 24% Interest Rate Good?

When it comes to credit cards, the interest rate is one of the most important factors to consider. It determines how much you’ll pay in interest charges on your outstanding balance each month. So, is a 24% interest rate good?

The answer is: no.

A 24% interest rate is considered to be high. In fact, it’s higher than the average credit card interest rate, which is currently around 16%. This means that if you have a $1,000 balance on your credit card and you only make the minimum monthly payment, you’ll end up paying over $200 in interest charges over the course of a year.

Of course, the interest rate you qualify for will depend on your credit score and other factors. If you have a good credit score, you may be able to qualify for a lower interest rate. However, even if you have a good credit score, a 24% interest rate is still considered to be high.

If you’re looking for a credit card with a low interest rate, there are a number of options available. You can compare credit cards online or speak with a representative from your bank or credit union.

Once you’ve found a credit card with a low interest rate, it’s important to use it responsibly. This means making your payments on time and in full each month. If you carry a balance from month to month, you’ll end up paying more in interest charges.

By using your credit card responsibly, you can minimize the impact of the interest rate. However, it’s still important to choose a credit card with a low interest rate in order to save money on interest charges.