Reported 4 days ago
As of January 1, 2025, the average credit card interest rate stands at 20.27%, a decline from the peak of 20.79% in August 2024. Credit card interest rates are primarily influenced by the Prime Rate plus a typical margin of 12-13%. The CARD Act has also impacted how these rates are adjusted, with issuers required to notify customers about changes. Consumers are encouraged to pay off balances quickly due to accruing interest on carried balances, which can extend payment periods significantly.
Source: YAHOO