Whats the normal APR rate for College students getting credit cards?

Question

The guy trying to get me to get a k-state credit card said it was 17.1 which is normal is it?

Answer 1

Thats terrible!  I had a credit card as soon as I turned 18, and I haven't missed one payment.  I now have 3 credit cards and I am a Sophomore in college.

My American Express for students APR is 14%

My (MasterCard) Citi Platinum Dividend for students is 13%

and my (Visa) Chase BP Gas card is 11%

Credit is a VERY important thing to have, get one for each major branch (Visa, MasterCard, AMEX) and if you are responsible, your credit score will skyrocket and you will be in good shape by graduation, and you will get good rates on loans and other things.

Answer 2

APR for student credit cards is all over the place! Be assured though that they will get their cash from you, one way or another, if you dont make your payments. Many student cards have quite a few features and some of them can actually benefit a student, regardless of how aggressive and greedy the card company can be :) those are the hooks to get the balance over your monthly payment levels.

Having said this, 17% is kinda on the high end of things, but I have seen worse. You should check out http://applyforastudentcreditcard.com - they've got lots of cards that are only for students, so maybe you'll find one that is more appropriate for your payment patterns and feature-needs...

Good luck!!

Answer 3

If that's your first line of credit, 17.1% isn't bad at all.

My first credit card, when I turned 18, started at 22.99%.  I've been making my payments on time for the last couple years, and now my interest rate is down to about 13.99%.  

If you already have a credit card and have a good payment history, you shouldn't settle for an APR of 17.1.  However, if this is your first credit card/credit line, 17.1% is great.

Answer 4

The APR is based on your credit worthiness.  There really isn't a "normal" rate.

If you use your credit card and pay it in full every month, the interest rate makes no difference.  You can build your payments history, avoid interest and stay out of debt.

Answer 5

Normal for someone with a 600 credit score.  otherwise no, he is not being truthful.  

Answer 6

The national average for all credit cards exceeds 13% so 17% for a college student isn't bad. Then again, are there any benefits with that card.