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The 49 percent of cardholders who carry a credit card balance (according to a Bankrate survey) are currently paying an average interest rate of 22.75 percent for the privilege of using their cards.
In fact, the average retail credit card interest rate hit an all-time high in 2024 at 30.45 percent, according to Bankrate’s 2024 Retail Credit Card Survey.
Use Bankrate’s balance transfer calculator to ensure that paying the fee is worth it compared to how much you’ll save on interest. 2. Know how much debt you have and consider alternatives
“Credit card interest is very high at present, with rates from 18 percent to as high as 27 percent. Banks are allowed to charge high interest because credit card charges are unsecured loans.
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.
Debt to pay off. Monthly payments. Time to pay off. Interest/fees paid. Card with 15-month intro APR offer. $5,150 (principal balance + BT fee) $300. 17. $150 BT fee, $12.10 in interest
2. Make more frequent payments. You can reduce the interest you pay on credit card debt by making multiple payments on your balance each month. Taking this step reduces your average daily balance ...
This year, credit card interest rates hit their highest levels on record since Bankrate started tracking them in 2005. The average interest rate is 20.42 percent right now, according to Bankrate ...