Truth about credit card rates


Did you know that a lot of credit cards have a variable rate?  This means your interest rate could go up every month. The average credit card rate as of October, 2022 was 19%!  At Eagle, we have a FIXED rate credit card that is as low as 9.25%.  With interest rates steadily on the rise, here a few tips on how to help save some interest and put more money in your pocket.

  1. When possible, pay the balance off every month so you don’t accrue interest.
  2. If that’s not possible, look at your credit card statement to check your rate and determine if it’s fixed or variable.
  3. Ask your card issuer if there is a cap on the rate or if you can lower your rate for a specific time frame.
  4. Transfer balances to to personal loan or to a card with a lower rate.
  5. Don’t keep a credit card with a high rate but more rewards.  You could be paying much more in interest than you earn in rewards.


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