In this article, you will find the average annual interest rate on credit cards, which is 22.70%. We will also discuss the different types of cards and their impact on the interest rate. We will also cover cash advance rates and penalty interest rates. In conclusion, we will touch on how these average rates affect your personal finances.
Average Credit Card Interest Rate by Card Category
In this section, we will discuss the average annual interest rate for card purchases by card category. We will highlight the different categories of credit cards and the associated interest rates. We will also address the high-interest rates for cash advances and penalty interest rates.
The mentioned card categories include:
- All credit cards
- Business credit cards
- Student credit cards
- Cash back credit cards
- Travel rewards credit cards
- Secured credit cards
- Other credit cards
- Store credit cards
Average Interest Rate Based on Recommended Credit Score
In this section, we will discuss the average interest rate for credit cards targeted at individuals with poor to average credit scores. We will also touch on the importance of credit score in determining interest rates and how it can affect your ability to obtain lower interest rates.
What Average Credit Card Interest Rate Means for You
In this section, we will discuss how the average credit card interest rate affects your debts and their costs. We will highlight the importance of managing credit card debt and how every point in the interest rate can affect monthly debt costs.
Methodology
This monthly study is based on data from credit card offers available in the United States. The database includes offers from 45 sources, including the largest national banks. Average interest rates are tracked weekly and monthly for each card category, along with the overall rate for all cards.
The Balance calculated the average interest rates for the cards based on the terms and conditions of the currently available cards. If the stated interest rate for a credit card falls within a range, The Balance determines the average rate for that category.
Source: https://www.thebalancemoney.com/average-credit-card-interest-rate-4772408
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