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Standard interest rates on credit cards
Standard APR's
| Company | Package Name | Standard % APR (Variable) | Balance Transfer Rate & Period | Balance Transfer Notes | Introductory Purchases Rate & Period | Reward Notes | |
|---|---|---|---|---|---|---|---|
| Nationwide Gold Credit Card offers a positive order of payments, which means you pay of the highest level of interest first, which could save you over £200 a year. | |||||||
What are Low Interest Rate Credit Cards?
The average rate of interest on a credit card for normal purchases was 16% in 2007, according to Datamonitor analysis. Low interest rate credit cards typically offer a rate of interest in the region of 8% to 10%.
What are the Benefits of a Low Interest Rate Credit Card?
Low interest rate credit cards suit people who don’t like chopping and changing between cards. They’re also useful for those who carry a balance forward each month and are not always able to clear it straight away.
What else should I know about Low Interest Rate Credit Cards?
- These are ‘no frills’ credit cards that seldom offer rewards such as cash back or 0% introductory deals.
- Long term debt solutions such as a lifetime balance transfer credit cards may offer even lower rates of interest, so shop around first.
- If you consistently clear your balance at the end of each month then a low interest rate credit card may not be for you. Take advantage of the special offers associated with reward cards instead.
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