The average credit card interest rate is 16.69%.
The average APR on new credit card offers dropped even further this week as more lenders matched the Federal Reserve’s latest coronavirus-related emergency rate cut and slashed rates by a full percentage point. The national average APR is now at its lowest point since April 2018.
According to CreditCards.com data, the past eight months have seen the sharpest drop in average APRs on new card offers in more than a decade. In July 2019, for example, the average card APR peaked at 17.8%. Since then, it’s tumbled by 1.11 percentage points.
Average rates on new card offers are likely to keep dropping in the coming weeks as more lenders match the Fed’s latest rate changes. When the Federal Reserve revises its benchmark interest rate, most card issuers eventually change APRs on new card offers by the same amount – at least temporarily…Read more>>