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Frequently Asked Questions
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Question:
What interest rate will apply on my credit card?
Answer:
The interest on most standard credit cards is 17.5% to 20% per year, while retail cards may have rates as high as 29.9%. Credit cards with lower rates of interest are also available.
Before you apply for a credit card, make sure that you understand all of the details of the credit card agreement and that you know what interest rate and fees you will be charged.
To ensure you choose the card that best suits your needs, you can use FCAC's Credit Card Selector Tool.
Key features of the card agreement, such as the card's interest rates, fees and other charges, must be clearly set out in an information box at the beginning of either the application or a related document that you receive at the same time.
Resource(s):
Classification of this FAQ:
| Category | Sub-category |
|---|---|
| Credit cards | Debt management |
| Interest | |
| Debt/Credit | Debt management |
| Interest |
Related Question(s):
- How is the interest on my credit card calculated?
- How was the interest rate on my loan calculated?
- What happens if I make a late credit card payment?
- My credit card issuer has offered me a "payment holiday." If I take advantage of this offer, will I have to pay interest?
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