Question

Is 22.9% variable APR too high?

I got a credit card offer and it gave me that amount. 0% APR until July 2011...but then 22.9% after that..

And will it go down after making my payments on time or early?
Thanks all, ur info is greatly appreciated

4 years ago - 4 answers

Best Answer

Chosen by Asker

If you pay in full each month then the rate will not matter what the rate is. Many cards that don't carry annual fees have a high rate. If you are planning on making large purchases and carrying a balance then I would look for a better card.

You need to be realistic with yourself about how you will use the card.

4 years ago

Other Answers

Depends on what you are wanting to do with it. If you want to purchase a lot of things or high dollar amounts and can pay it all off before July 2011, then ok. If not, you will be charged that interest rate. There are better rates out there, but you didn't mention your status, credit score, etc. so don't know how applicable they are to you or not. No, your APR won't go down once they raise it to 22.9%; however, if you pay your entire balance every month, it won't matter.

by redhead - 4 years ago

22.9% is HIGH. No, your interest rate will not go down after making your payments as agreed to in the contract. That is the interest rate they are offering you after the 0% promotion is over. Also, if you miss a payment or break any of the other terms that will be in the small print on the contract, I bet they can jack up that 0% to the 22.9% immediately!

by My Take on It - 4 years ago

Why do you care what the interest rate is because unless you are a fool you will never carry over a balance to be charged interest on.

Once set it is highly unlikely the interest will decrease.

by Rebecca - 4 years ago