Most of us pay the most attention to the card’s annual fee when choosing a credit card, and usually we don’t even pay much attention to it. Credit card rates rarely compare, and most of us seem to humbly accept the first credit card offered, which is usually our own credit card.
However, there are differences between credit cards, and comparing them is worthwhile. The most economical card may not be the best solution for everyone, as if you do not pay your credit card bill completely within the interest-free payment period, interest on your credit will start to accrue.
If you mainly use minimum credit card repayments, you should also pay attention to your credit card interest rate, not just the annual fee.
Credit Card Interest Rate Comparison
To help consumers deal with the jungle card selection, we compared the interest rates of all credit cards on the Finnish market. See how your own card works!
Good Lender cards are not really credit cards but charge cards. The interest shown in the table is therefore the default interest rate and not the annual rate.
Travel insurance or purchase and product security.
The next benchmark is Good MasterCard and Ecash for Goodbank’s customer owners, with an interest rate of 6% and no annual fee. S-Benefit Cards are real basic credit cards that offer affordable payment but with little other benefits such as travel insurance or purchase and product security.
If you are a Goodbank customer owner, you can get a Goodbank Card. It has an interest rate of 9% and an annual fee of EUR 30.
For most credit cards, the interest rate is around 10%, whether or not there is an annual fee. By comparison, Norwegian Bank’s credit card has the highest interest rate (20%). However, the card is annual free and includes, for example, travel insurance and does not charge you a monthly billing fee like many other credit cards.
Why so often at 7 percent interest rate?
The comparison clearly shows that many credit cards offer a 7 percent interest rate. For example, Dmoney Bank MasterCard Gold offers a 7% interest rate. For example, many Good Lender cards seem to offer at 7 percent interest rate, but since Good Lender is a charge card and not a credit card, it is a late payment, not an annual rate, which is worth considering.
The fact that many card providers have a 7% interest rate is by no means a coincidence. Seven is hardly a magic number in the credit card world, but it is about how companies want to position their products. Many have chosen a very safe line that does not want to stand out in good or bad.
The interest rate alone does not reveal everything about a credit card, as the card is now a complex of services. For example, OKO Bank’s 7% membership in Visa Gold includes, among other things, travel insurance and purchase and product security, which basic Good Visa does not offer.