economy
February 6, 2026
Is a 29.99% APR high for a credit card?
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TL;DR
- Credit card rates have increased significantly, making it expensive to carry a balance.
- APRs near 30% are becoming common and represent a top tier of charges from credit card issuers.
- A 29.99% APR translates to approximately 2.5% interest per month, which compounds rapidly on revolving balances.
- High APRs can turn temporary fixes into long-term financial drains, making minimum payments ineffective.
- Options to address high APRs include asking for a lower rate, seeking hardship programs, using balance transfers strategically, considering a debt management plan, or exploring debt settlement.
- Taking action on high APRs can help regain financial control and improve long-term financial progress.
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