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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)
Interest rates vary widely. Some credit card loans are secured by real estate, and can be as low as 6 to 12% in the U.S. (2005). [citation needed] Typical credit cards have interest rates between 7 and 36% in the U.S., depending largely upon the bank's risk evaluation methods and the borrower's credit history.
Credit card interest rates can fluctuate, and rates are currently on the rise: The average credit card interest rate has increased over a six-month period in 2022, from 16.17% to 16.65%, according ...
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%.
Low introductory credit card rates are limited to a fixed term, usually between 6 and 12 months, after which a higher rate is charged. As all credit cards charge fees and interest, some customers become so indebted to their credit card provider that they are driven to bankruptcy. Some credit cards often levy a rate of 20 to 30 percent after a ...
The Consumer Financial Protection Bureau in its October 2013 report on the CARD Act found that between the first quarter of 2009 and December 2012, credit card interest rates increased on average from 16.2% to 18.5%, while the “total cost of credit,” that is, the total of all fees and interest paid by all consumers as a percentage of the ...
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 ...
“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.