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Key credit card interest rate insights. Highest average credit card interest rate in 2024: 20.79 percent (Aug. 24, 2024) Lowest average credit card interest rate in 2024: 20.27 percent (Dec. 31, 2024)
In late 2021, the average interest rate for a credit card was about 14.51%. By 2024, it was over 21%—and many Americans find themselves with cards charging as high as 30% .
“The average credit card rate is over 20% and with the Fed hitting the pause button on rate cuts, that rate isn’t going to come down much in the months ahead,” McBride told Fortune.
Credit card interest is a way in which credit card issuers generate revenue. A card issuer is a bank or credit union that gives a consumer (the cardholder) a card or account number that can be used with various payees to make payments and borrow money from the bank simultaneously.
The 25 largest credit card issuers charged interest rates that were 8 to 10 percentage points higher than those offered by smaller banks and credit unions, according to this February 2024 report ...
With average credit card interest rates at an all-time high, snagging a lower rate could help reduce the interest you pay and enable you to get out of debt more quickly.
Struggling with your credit card balance? Relief may be in sight in the new year. Read on to see why.
The average credit card interest rate stands at 20.35%, just slightly below a record-high of 20.79% attained in August before the Fed began cutting rates, Bankrate data showed.
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