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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.
It follows that credit card rates spiked along with the Fed’s string of 11 rate hikes starting in March 2022. The average annual percentage rate rose from 16.34% at that time to more than 20% ...
As average rejection rates for credit card applications for 2023 edged up to 19.6 percent (from 18.5 percent in 2022), these consumers in particular may be finding it harder to get new credit ...
The jump in average credit card rates to 20.72% today from 16.16% two years ago is almost fully attributable to the Fed's rate hikes to tamp down on inflation, Rossman said. Keeping credit ...
Amid surging credit card interest rates and rising delinquencies, a bill with bipartisan support would cap rates at 10%, about half the current average, for five years. The legislation would ...
Bankrate also found that several retailers were still charging rates in line with general credit cards: Costco Anywhere Visa by Citi (20.49%), Bass Pro Shops CLUB (21.12%), IKEA Projekt (21.99% ...
This year's aggressive interest-rate hikes by the Federal Reserve have led to similar hikes in credit card interest rates, with the average credit card rate in the U.S. hitting 17.99% as of Aug ...
The average bank card borrowing rate in America in June rose to around 20%, revealing a steep increase of about 6% compared to the pre-pandemic average credit card rate of 14.87% in 2019.