At 20.92%, the average credit card interest rate is higher than it has been at any point since the Federal Reserve started tracking this information in 1994
Posted on January 29, 2025Understanding the credit card climate is important for two reasons. First, credit card offers change regularly, based on the health of the economy and issuers’ business objectives. So being able to see the bigger picture – averages, trends, etc. – gives you a baseline against which to compare offers. And that will help you find the best credit card deals as well as ultimately save more money.
Monitoring the credit card landscape can also tell you a lot about the health of the U.S. consumer. For example, 0% introductory APRs and initial rewards bonuses dried up during the Great Recession. And the decline in consumer credit quality during that period was a big reason why.
To help people better understand the credit card market, WalletHub tracks interest rates, rewards and fees across credit segments, highlighting the most important trends in our quarterly landscape reports. Below, you can check out our latest findings, including a breakdown of how rates are reacting to the Federal Reserve’s recent moves.