Average Credit Card APR

Video Transcript

"This is Patrick Munro financial adviser talking about what is the average apr on credit cards. Credit cards products range from a variety of options and ways of payment and how much can be extended to the borrower. But the biggest factor in determining the value of the credit card is the interest that's out there. This is determined by the credit worthiness of the borrower for the most part. It's important to keep your credit in good shape so that you can get the lowest apr that's available, all things being equal that would be what all credit cards are about. However, some people do not meet their obligations and therefore credit card companies have to give you a higher apr where you are paying a higher interest rate and it takes a longer time to pay down a credit card balance when there's more interest put upon your card. So because some individuals do not pay there bills on time the range of apr can range from a low zero percent for an excellent customer all the way up to the highest thirty percent and beyond for a customer that does not pay their bills on time. This is Patrick Munro discussing average interest rates on apr for credit cards."