Is 15 percent APR good?
William Jenkins
Updated on January 28, 2026
A good APR for a credit card is one below the current average interest rate, although the lowest interest rates will only be available to applicants with excellent credit. According to the Federal Reserve, the average interest rate for U.S. credit cards has been approximately 14% to 15% APR since early 2018.
How do you calculate monthly interest?
To calculate the monthly interest, simply divide the annual interest rate by 12 months. The resulting monthly interest rate is 0.417%. The total number of periods is calculated by multiplying the number of years by 12 months since the interest is compounding at a monthly rate.
How is the interest rate calculated on a credit card?
Your credit card’s Annual Percentage Rate is the interest rate you are charged on any unpaid credit card balances you have every month. By figuring out the daily periodic rate on your credit cards, you can have a better understanding of how compound interest is affecting how much you’re paying back in interest.
How is the daily periodic rate calculated on a credit card?
The Daily Periodic Rate (DPR) on your credit card could help you figure out how much interest you are paying on your balance each day. Although credit card companies usually calculate your interest charges using an Annual Percentage Rate (APR), it is not uncommon to see daily periodic rate charges broken down on your monthly statement.
What’s the minimum amount to pay interest on a credit card?
Minimum Amount Due (normally 5 percent of retail purchases + other fee charges): Rs 500 (5 percent of 10,000) Interest will be levied for the complete amount of Rs 10,000 till the first payment.
What’s the difference between APR and interest on a credit card?
Interest is different from the Annual Percentage Rate (APR), which factors in a number of costs, not just the rate on purchases, balance transfers, but also annual fees, if applicable. The results from the credit card calculator are representative and not a guarantee of the exact interest you will end up paying.
