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Credit Card Interest rates matter ! Comparison Chart.

Posted In:  credit cards

credit card Any of the following happening soon ? If so, you may have an opportunity to save quite a bit of money on credit card interest rates.

  • Are you applying for a new credit card ?
  • Considering doing a balance transfer from one card to another?
  • Received a notice from your bank that your credit card interest rate is increasing ?
  • Trying to negotiate a lower rate with your credit card provider?

In any of those situations, it's important to know what the different rates mean. Even a relatively small difference in interest rates adds up to hundreds of dollars in interest per year. See the chart below for a rough estimate of what you'll pay in a year's period in interest, on a variety of balances ranging from $1,000 to $10,000:

Balance 18.9% 11.9% 5.9%
$1,000 $189.00 $119.00 $59.00
$2,000 $378.00 $238.00 $118.00
$3,000 $567.00 $357.00 $177.00
$4,000 $756.00 $476.00 $236.00
$5,000 $945.00 $595.00 $295.00
$6,000 $1,134.00 $714.00 $354.00
$7,000 $1,323.00 $833.00 $413.00
$8,000 $1,512.00 $952.00 $472.00
$9,000 $1,701.00 $1,071.00 $531.00
$10,000 $1,890.00 $1,190.00 $590.00

 

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