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Credit card interest rates are how lenders make their money, but that amount of money usually depends on the card holder. Interest rates have been going down in past few weeks and are likely to be seeing even more changes in the next few months, they are falling to record lows as lenders try to get into one of the few remaining areas for growth in the credit industry. Credit card interest rates are usually tied to the US Prime Rate; the interest rate set nation-wide by the Federal Reserve Board.
Interest
Interest can vary considerably from lender to lender, and the rate on a particular card may jump drastically if a consumer is late with a single payment or goes over their limit, and sometimes if the bank decides to raise its revenue. Interest is usually displayed as APR, which stands for "Annual Percentage Rate". It is law that credit card interest rates must be displayed on the product so that the consumer knows the rate they are going to be paying, thus enabling them the chance to compare offers. Interest rates, high fees, and increasing minimum payments have many consumers feeling the credit crunch of 2008. If you have been making timely payments to your account (for several months) and you don't usually max out your available credit, you can usually negotiate with the bank for a lower rate.
Online
Searching online is a great way to help find companies that have the best rates. If you do a internet search you can also find a variety of APR calculators which can help you to figure the credit card interest rate re-payment totals. If you are comparing credit cards on the internet, you should always find the web page link that contains the financial disclosure information and a most likely a chart that lists the APR along with other fees and charges that might be associated with the product. There are also options for those with a bad credit history other than a standard unsecured card such as pre-approved credit cards, but the interest on these types of products are usually a lot higher.
Notes Of Interest
Obama voted "NO" on the Dayton Amendment to the 2005 bankruptcy-bill that would freeze credit card interest rates at no higher than 30 percent.
India's APR's appear to be the lowest while Brazil has the some of the highest credit card interest rates around.
Most rates range from 10-20 percent APR, although some cards can go as high as 30 percent for consumers with a bad credit history.
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