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Just three years ago, the average credit card interest APR was a whopping 6.6% lower than it is now. This means if you are carrying a $10,000 balance on your card, you’ll pay an additional $660 ...
And unless you have a 0% intro APR or other special-rate card, these fees can add up fast: The average credit card interest rate was 16.27% in August 2022, the most recent figure provided ...
In general, a good credit card APR is any APR that falls at or below the national average. The best low-interest credit cards on the market offer rates as low as 17.24 percent.
At the same time, the average credit card APR in 2023 was a whopping 22.8%. That's the highest these rates have been since the Federal Reserve started collecting this data back in 1994.
According to the Consumer Financial Protection Bureau (CFPB), the average credit card APR has nearly doubled over the past decade, climbing from 12.9% in 2013 to 22.8% in 2023.
For example, if you transfer $6,000 in credit card debt to a card offering 0% intro APR for 18 months, you could pay off the full amount by making $333 monthly payments with no added interest charges.
You paid your credit card bill late. If you don’t pay your credit card bill on time, your card issuer may charge a penalty APR, which could be upward of 29.99 percent. Your credit card typically ...
The average credit card balance is $8,483 and the average interest rate is 21.59%. ... If you can qualify for a balance transfer card with a special 0% APR promotional rate, you will usually pay a ...