Carrying a balance on a credit card can be expensive. This table ranks cards by their Minimum Purchase APR, showing the estimated interest cost for every $1,000 of debt carried for one year.
Ranked Interest Costs
| Card | Min APR | Annual Cost per $1,000 | Max APR | Max Annual Cost |
|---|---|---|---|---|
| Chase Sapphire Preferred® | 19.24% | $192.40 | 27.49% | $274.90 |
| American Express® Gold Card | 21.24% | $212.40 | 29.24% | $292.40 |
| The World of Hyatt Credit Card | 21.49% | $214.90 | 28.49% | $284.90 |
How we calculate this
These projections are based on the current Prime Rate of 6.75%. Most credit card APRs are variable, calculated as Prime + Margin. The Annual Cost per $1,000 assumes a static $1,000 balance held for exactly 12 months with no other fees or changes in the Prime Rate.
[!IMPORTANT] Avoid Interest: The most effective way to use any credit card is to pay your statement balance in full every month. Interest charges can quickly negate the value of any rewards earned.