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Is 13% a good or bad interest rate on a bank mastercard?
We have an ok fico score, ok income and do pay our bills/debts on time. I recently paid off and closed 6-7 credit cards, as we did a debt snowball payment plan. We kept one mastercard, which is through our own bank, and has a decent credit limit in case of emergency. It is at 13% and yesterday when I called and asked for a formal request to negotiate that down, due to our longevity, payment history and that we have no debt now, except our mortgage, they said no.
There's not a running balance on it, it's just used now for convenience, then paid off each month.
I think it kind of bugs me just as a matter of principle, like I expected them to lower it, considering our banking relationship and other factors I mentioned. Just be nice to see it at 11% or less.
2 Answers
- DustinLv 49 years agoFavorite Answer
That is a okay interest rate. That interest rate would generally indicate a good fico score and a card with no rewards.
I would recommend getting your fico up, then getting a good rewards card and paying it in full each month.
The interest rate should not matter, as you should be paying everything in full each month.
- ?Lv 79 years ago
If you are paying it off in full each month, you are not paying interest.
If you are not paying interest, why would you care about the interest rate.
I have 2 cards, and I have absolutely, positively any idea what the interest rate is.
It could be 9,000% - I would not care.