Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations. The average credit card interest rate is 27.70%, according to Forbes Advisor’s weekly credit card rates report. The Federal Reserve keeps tabs on the average interest rate that U.S. consumers pay for a variety of different financial products—credit cards included. In February 2024, the average credit card interest rate in the U.S. on accounts with balances that assessed interest was 22.63%, according to The Federal Reserve. Of course, the annual percentage rates (APR) you pay on your own credit cards might not match up with the national average. Credit card APRs can vary widely based on a number of factors, from your credit score to your debt-to-income ratio and beyond. Featured Intro APR Credit Cards Average Credit Card Interest Rate by Card Type The average overall APR across credit cards we track in our database is 27.70% this week, down from last week. Our overall average calculation includes airline, hotel, flexible rewards, cash back, 0% APR, balance transfer, student and business credit cards. Methodology Average credit card interest rates are calculated from a dataset of over 250 credit cards in the U.S. market. To calculate the average overall credit card interest rate, we use a subset of those cards—excluding business, student, secured and corporate cards. We calculate average rates for other card types using smaller, category-specific subsets. Average Credit Card Interest Rate by Credit Score Higher credit scores have… Click below to read the full story from Forbes
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