What is the average APR on credit cards?

In New York, the average APR (Annual Percentage Rate) on credit cards is approximately 15.13%. This rate includes all types of credit cards, whether they are reward cards, low-interest cards, or high-interest cards. The APR is an important factor to consider when applying for a credit card, as it determines the total amount of interest that will be charged on the card. A lower APR will mean lower interest charges, while a higher APR will mean higher interest charges. Some cards may even offer 0% APR for an introductory period. The New York Credit Card Law imposes a few restrictions on the APRs that can be charged to credit card users. For example, the law prohibits any “excessive interest” which includes APR rates above 20%. Credit card companies are also required to give consumers at least 45 days’ notice of any increase in the APR. This allows consumers to understand any changes in the rate of interest they will have to pay for the card, so they can make an informed decision about whether or not to keep the card. This law is designed to protect consumers from any sudden and unexpected increases in the APR. Overall, the average APR for credit cards in New York is 15.13%. However, it is important to note that the APR can vary from card to card, so it is important to compare the different cards available in order to find the one that best suits your needs.

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