Final answer:
A full-time student can expect the APR on a first credit card to be high due to limited credit history, which presents a higher risk to issuers. This APR is often higher than the average rates of 12% to 18%, with the average being around 15% per year.
Step-by-step explanation:
When a full-time student gets their first credit card, they can typically expect the APR (Annual Percentage Rate) on outstanding balances to be high. Credit card issuers often view students as higher risk due to limited or no credit history, which justifies a higher APR to offset potential risk. This is in contrast to the APR that might be offered to more established borrowers, such as the student's parents, who likely have a longer credit history and are deemed less risky.
A student's credit card APR is usually not "probably be about the same as the APR on your parents' card" nor "probably be low". Instead, it is often higher than average, which can range from 12% to 18% per year. And considering that, on average, the annual interest rate for credit card borrowing is 15% per year, students may face rates at the higher end of this spectrum or even above.