What is the average APR on credit cards?

The average Annual Percentage Rate (APR) on credit cards in Georgia varies depending on the type of credit card. According to the Board of Governors of the Federal Reserve System, the average APR for a regular credit card in the state was 17.72% in May 2020. Secured credit cards usually have lower APRs than regular credit cards, often ranging from 11.5%-17.99%. However, they require an upfront deposit. On the other hand, rewards credit cards tend to have higher APRs, often between 18.00%-25.99%. APRs can also vary depending on the creditworthiness of the cardholder. For example, if the cardholder has excellent credit, they may be able to find a lower APR. However, cardholders with poor or limited credit may not qualify for the best APR rates. In addition, some cards may offer a 0% introductory APR. This is an introductory offer, often available to cardholders with good to excellent credit, that offers a 0% interest rate on purchases or balance transfers for a certain amount of time, usually between 6 and 18 months. Overall, the average APR on credit cards in Georgia varies depending on the type of card and the creditworthiness of the cardholder. It is important for credit card users in the state to research and compare rates to find the best APR that suits their needs.

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What is the average APR on credit cards?

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