Yes, a 36% APR is high for a credit card, as it is above the average APR for new credit card offers. Credit card APRs can be much lower, and some cards offer an introductory 0% APR for a certain number of months, which can save you a lot of money.
Keep in mind that your 36% APR should apply only when you carry a balance from month to month. If you pay off your full balance by the due date each month, you won’t accrue interest on any of your purchases on most credit cards, because there is a grace period between when your billing period closes and your due date. So, if you plan to pay in full monthly, you don’t need to worry about the APR and can focus on other features such as rewards.
You can learn more about what a good interest rate is and compare the best credit cards on WalletHub.
This answer was first published on 03/18/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
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