Discover Card APR: A Step-by-Step Guide

To check your Discover Card APR, you'll need to log in to your online account or call the customer service number on the back of your card.

Discover Card offers a variety of APRs, ranging from 11.99% to 23.99%, depending on your credit score and other factors.

To find your APR, simply log in to your account online or through the Discover mobile app.

Discover Card's APRs are subject to change, but you can always check your account online for the most up-to-date information.

A credit card APR represents the cost of borrowing money that you don't pay back right away. This interest rate is calculated on your average daily balance and can be charged if you only pay the minimum balance each month. Credit card companies state their interest rates as APRs, but you're usually paying the bill monthly.

There are different types of APRs, including purchase APR, balance transfer APR, cash advance APR, introductory APR, and penalty APR. For example, a balance transfer APR may apply if you transfer debt from one credit card to another, while a cash advance APR is typically higher and starts accruing immediately.

Discover more: Cash Advance from Credit Card to Bank Account

To qualify for a low APR, you'll want to use credit responsibly, such as paying your bills on time and keeping your balances low. This can help you establish and maintain a good credit history, which is essential for getting the best credit card interest rates. A good credit score and history can help you qualify for rates below the national average of 21.76%.

Intriguing read: Is 13 Apr Good for a Car Loan

A credit card is a type of loan that lets you borrow money to make purchases or pay for things.

You'll be charged interest on the amount you don't pay back right away, which is calculated based on your card's APR.

If you pay only the minimum balance each month, you'll be charged interest based on your card's APR, making it harder to pay off the balance.

Credit card companies state their interest rates as APRs, even though you're usually paying the bill monthly, and interest is assessed on your average daily balance.

For more insights, see: Is Credit Utilization Based on All Cards

To avoid paying interest, pay the full balance of your credit card bill each month, making the card's APR inconsequential.

An introductory purchase APR can save you big on interest charges within the introductory period, which can be anywhere from 12 to 21 months.

This means you won't be paying interest on any credit card balance you carry for that time frame, allowing you to save money.

Recommended read: Does Paying Credit Cards Early Help

A good APR on a credit card typically falls below the national average of 21.76%, as reported by the Federal Reserve.

To find a rate that works for you, consider comparing offers with the current average as a benchmark. Cards with promotional 0% APR periods can also provide temporary relief from interest charges, helping you save on purchases or balance transfers.

If you pay your credit card bill in full each month, the card's APR will be inconsequential. This is because you'll pay no interest, and the APR won't affect you at all.

If this caught your attention, see: Average Apr on Credit Cards

Borrowers with strong credit are more likely to qualify for rates closer to the lower end of their card issuer's APR range. This is because they've demonstrated responsible credit behavior, such as paying bills on time and keeping balances low.

Cards with promotional 0% APR periods usually come with a fixed transfer fee that you pay upon transferring your balance. This fee can add up quickly, so be sure to factor it into your decision.

Additional reading: Does Zelle Charge a Fee for Business Account

Your credit card interest rate is usually easy to find. You can check the app or the card issuer's website for the primary APR, expressed as a percentage.

You can also find it on your monthly statement, or by calling the phone number on the back of the card and asking the customer service rep. They'll be able to tell you the rate.

The rate will also be in the most recent version of the card's terms and conditions. Look for a table called a Schumer box at the top of the terms and conditions, it's a federally required disclosure of rates and fees.

Your APR will feature prominently in this table.

On a similar theme: What Will Happen to My Discover Card

If you're looking to save on interest charges, consider a credit card with a lower introductory APR than your regular purchase APR. You could save big on interest charges within the introductory period, which can be as long as 21 months for the best 0 percent APR credit cards.

Using credit responsibly can help you qualify for a low APR. This means paying your bills by the due date and keeping your balances low.

A good credit score and history are key to qualifying for the best credit card interest rates. To build a good credit history, pay bills on time, don't use a large percentage of your available credit, and don't apply for too many credit cards at one time.

See if you're pre-approved for a credit card before you apply. This won't result in a hard inquiry to your credit report, but keep in mind that receiving a pre-approval offer doesn't guarantee approval.

For another approach, see: Is the Discover It Card Any Good

Here are some types of 0% Intro APR offers you might find:

Be aware that some 0% Intro APR balance transfer offers come with a fixed transfer fee that you pay upon transferring your balance.

If the card you're considering offers a lower introductory APR than your regular purchase APR, you could save big on interest charges within the introductory period.

Many credit cards offer 0 percent interest on purchases (or balance transfers) for between 12 and 18 months, but the best 0 percent APR credit cards offer introductory periods of 21 months.

Using credit responsibly to establish and maintain a good credit history may help you qualify for a low intro APR.

Paying your bills by the due date and keeping your balances low are examples of responsible use of credit.

Some 0% Intro APR card offers temporarily give you an interest rate of zero on new purchases, and other credit cards offer a 0% Intro APR only on balance transfers.

A fixed transfer fee is usually charged when transferring your balance to a 0% Intro APR credit card.

Discover Cards offer a 0% Intro APR on both purchases and balance transfers in some cases.

Recommended read: Credit Cards That Offer Flashy Rewards like Airline Miles Often

You'll earn cash back or Miles on new purchases made on your Discover Card, regardless of whether you're using a 0% Intro APR offer. This means you can still earn rewards on purchases even if you're taking advantage of the low APR intro offer.

You won't earn cash back or Miles rewards on the transferred balance if you transfer a balance to your Discover Card. However, you'll continue to earn rewards on any new purchases you make on your credit card.

For your interest: Discover Card Points Redemption