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is a 25% Ar on a credit card good or bad?

i was thinking of getting an old navy credit card. but in reading the fine print theres like a 25 % apr.
yay or nay?

 
sandraberke

Asked by sandraberke at 6:44 PM on Feb. 5, 2011 in Money & Work

Level 17 (4,168 Credits)
This question is closed.
Answers (7)
  • That is way too high!!!! Don't do it!!! All credit cards r bad news! My hubby is an accountant and he said anything over 10 apr is too much!
    dancer

    Answer by dancer at 6:48 PM on Feb. 5, 2011

  • BAD. Way bad.
    aliceryannesmom

    Answer by aliceryannesmom at 6:45 PM on Feb. 5, 2011

  • Very bad.
    Christine0813

    Answer by Christine0813 at 6:45 PM on Feb. 5, 2011

  • what exactly does that mean ..everytime i make a payment 25 % goes twords the apr and not the total debit?
    sandraberke

    Comment by sandraberke (original poster) at 6:48 PM on Feb. 5, 2011

  • That's very Bad but, all of them r pretty high. Try not to get in debt w/ credit cards bc unless u pay off the bal. each month u'll be paying them the rest of your life.
    pswiley

    Answer by pswiley at 6:48 PM on Feb. 5, 2011

  • It basically means that, unless you are able to pay off the full balance every month (in which case you might as well stick to a debit card), you will end up paying way waaaaay more for anything you buy. Your balance will just keep inflating. I had several cards with APRs that were around 20-25% before, and I got myself in huge trouble by using them. Suddenly I realized that with high interest, fees, etc I was paying like $30 for the $9 I spent at Arby's by the time I paid it off. That type of thing. :-/
    aliceryannesmom

    Answer by aliceryannesmom at 6:52 PM on Feb. 5, 2011

  • APR Is tooooooo high! You also want to check and see if your interest rate is fixed. Which means they can't raise it any higher. Most creditors I've seen lately are offering 18%, which I feel is too high. Hopefully the economy will get better and rates will drop. Negotiate terms with them and see if they'll lower it. Sometimes this works if they want your business bad enough.
    Kathy675

    Answer by Kathy675 at 6:52 PM on Feb. 5, 2011