All credit cards charge interest rates that are quite high. The average credit card interest rate is nearly 17% APR (annual percentage rate) and charged each month when you carry a balance. Interest rate charges are also variable and can be as much as 25% APR.
If you’re considering a rewards-earning credit card and plan to carry a balance each month, you will negate the value of any rewards earned as you’ll be paying interest charges each month.
It’s best to only consider a rewards-earning credit card if you can comfortably pay off the entire balance each statement period.