While you may think that your credit card interest rate is high, it probably doesn't compare to a new credit card launched in England. Provident Financial PLC's Vanquis Bank division will offer a VISA credit card in the United Kingdom with interest rates averaging 49.9% and that can reach as high as 69.5%. The maximum credit limit on the card is of GBP 150 (approximately $290). Applicants are required to have annual incomes of at least GBP 5,000 (approximately $9,500) to qualify.
The highest interest rate charged for a credit card in the US is a bit better, but it's still not much of a deal at 41.75% APR. CompuCredit offers the Aspire VISA credit card that has an interest rate that can reach the prime rate plus 36.25% on delinquent balances. With the current prime rate sitting at 5.50%, the Aspire VISA can top out at nearly 42%.
Getting your credit card interest rate lowered can be as easy as asking politely be phone. According to a Public Interest Research Group (PIRG) study, 56% of those surveyed were able to reduce the interest rate on their credit card simply by asking their credit card companies to do so.
For more ways to reduce fees and save money on credit cards, read our article
Reducing Credit Card Fees and also check out our
Credit Card Money Saving Tips.
Highest Credit Card Interest Rate
