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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.
If you’ve applied for a credit card and a car loan in the past year, you probably noticed that auto loan interest rates are much lower than credit card interest rates. One simple explanation for ...
Credit card interest rates can fluctuate, and rates are currently on the rise: The average credit card interest rate has increased over a six-month period in 2022, from 16.17% to 16.65%, according ...
Nor, of course, do all credit card users face those 20%-plus interest rates, as about half of borrowers pay off their credit balances each month and long-standing accounts feature lower rates.
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.
The average credit card interest rate stands at 20.35%, just slightly below a record-high of 20.79% attained in August before the Fed began cutting rates, Bankrate data showed.
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