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AVERAGE CREDIT CARD INTEREST RATE IN AMERICA TODAY

Written by
Matt Schulz
+1 more Collapse
Edited by
Dan Shepard
Updated on:
September 18, 2024
Content was accurate at the time of publication.
Why use LendingTree? We are committed to providing accurate content that helps
you make informed money decisions. The content on this page has not been
reviewed, approved or otherwise endorsed by any credit card issuer. We do
maintain partnerships with some issuers, and our site may be compensated through
those partnerships. Read our editorial guidelines here.



The average credit card interest rate in America today is 24.92% — tied for the
highest since LendingTree began tracking rates monthly in 2019.

LendingTree reviews about 220 of the most popular credit cards in the U.S. —
from more than 50 issuers — to comprehensively look at the state of credit card
interest rates. We publish our findings here.


WHAT’S THE AVERAGE INTEREST RATE ON NEW CREDIT CARD OFFERS?

The average APR offered with a new credit card today is 24.92%, unchanged
from last month.



CategoryMinimum APRMaximum APRAveragePrevious month Average APR for all new
card offers21.48%28.36%24.92%24.92% 0% balance transfer
cards19.02%28.13%23.58%23.53% No-annual-fee cards20.94%27.93%24.43%24.43%
Rewards cards21.21%28.50%24.85%24.85% Cash back cards21.65%28.38%25.01%24.94%
Travel rewards cards21.08%29.05%25.07%25.13% Airline credit
cards21.30%29.49%25.39%25.39% Hotel credit cards21.19%29.39%25.29%25.58%
Low-interest credit cards13.45%22.66%18.06%17.77% Grocery rewards
cards20.97%28.58%24.78%24.78% Gas rewards cards21.53%28.39%24.96%24.96% Dining
rewards cards20.90%28.65%24.78%24.77% Student credit
cards19.14%28.74%23.94%23.94% Secured credit cards27.41%27.41%27.41%27.41%





Hoping to save on interest with a new credit card? See our picks for the best 0%
APR credit cards with long intro periods.

September marks the third time in 2024 (joining January and April) that we’ve
seen rates remain unchanged from month to month. That means we’ve now gone 31
months — more than two-and-a-half years — without a decrease. Rates haven’t
decreased since dipping by two-hundredths of a percentage point in February
2022, the month before the Federal Reserve began raising rates to try to combat
inflation.

That’s likely to change, as the Fed cut rates by half a percentage point at its
meeting on Sept. 17-18. Observers generally expect another cut at the next
meeting in early November. Regardless of the Fed decision, it would be wise for
consumers to expect credit card interest rates to remain high for a while
longer, even if they’re no longer at record levels.

 IMPORTANT: MOST CREDIT CARD ISSUERS DON’T OFFER ONE RATE TO EVERYONE

Issuers offer a range of possible rates based on whether you have good or bad
credit. The better your credit, the lower the rate you can typically expect. But
that’s not guaranteed as issuers consider various factors when approving you for
a new card account.

 Learn more about how to increase your chances of instant approval for credit
cards.

If you have really good credit now, the average APR you can expect to be offered
is 21.48%. If you have really crummy credit, the average APR offered is 28.36%.
That’s a big difference.

The good news is that the average FICO Score of Americans in October 2023 was
717, according to FICO — down one point from April 2023. That means most
Americans may be more likely to qualify for lower interest rates. For those who
don’t, however, things get expensive in a hurry.

For example: Say you owe $5,000 on a card and pay $250 a month.

 * With a rate of 28.36%, you’ll pay $1,850 in interest and take 28 months to
   pay it off.
 * Lower the rate to 21.48% and you’ll pay just $1,245 in interest and take 25
   months to pay it off.
 * That’s a savings of $605 in interest and three months in payoff time. In
   normal times, given that most Americans’ financial margin for error is tiny,
   that’s a big deal. However, these aren’t normal times, so those savings are
   even more important.

 THE TYPE OF CARD MAKES A DIFFERENCE IN WHAT APR YOU CAN GET

The type of card you shop for also makes a difference in what APR to expect. For
example, we found that cash back cards and 0% balance transfer cards tend to
have lower APRs than travel rewards cards. (That’s true even when you exclude
the 0% offer.) Meanwhile, secured credit cards — which require a deposit to open
and are typically held by folks new to credit or rebuilding it — have the
highest APRs overall.

 Learn more about our picks for the best cash back credit cards and why we chose
them.


WHAT’S THE AVERAGE INTEREST RATE ON CURRENT CREDIT CARD ACCOUNTS?



CategoryAverage APR All credit card accounts21.51% Accounts assessed
interest22.76%



Each quarter, the Federal Reserve releases data on cards currently in Americans’
wallets. It looks at the average interest rate for accounts assessed interest —
those that weren’t paid in full at the end of the month — and across all credit
card accounts.

It’s important to distinguish between average assessed interest and interest
across all credit card accounts because nearly half of active credit cardholders
carry a balance. The average APR for all accounts in the second quarter of 2024
is 21.51%. That’s down from the first quarter of 2024, when the average was
21.59%, and is the first quarterly decrease since the fourth quarter of 2021.
That’s a very hopeful sign for consumers.

Meanwhile, the average for accounts accruing interest rose to 22.76% — from
22.63% in the first quarter. That ends a streak of two consecutive quarters in
which this number decreased. However, the positive is that the average remains
below, albeit just slightly, the all-time high of 22.77% in the third quarter of
2023.

The number for accounts accruing interest is the one that matters, though. After
all, a credit card interest rate is a moot point if you pay your bill every
month since interest never has the chance to accrue. Unfortunately, that’s not
the reality for most Americans.


HOW HAVE CREDIT CARD INTEREST RATES CHANGED OVER THE YEARS?



In recent years, we’ve seen significant movement in interest rates, largely
driven by the Federal Reserve. Rates rose significantly beginning in 2015 and
continued to do so until 2019. The following year, the Fed dramatically lowered
interest rates in response to the economic turmoil at the beginning of the
pandemic. In 2022, however, the Fed reversed course, raising rates seven times.
There were another four hikes in 2023. With the Fed’s half-a-percentage-point
cut in September 2024, we’ll see what changes going forward.

Before 2015, credit card rates were largely stable for several years, following
the introduction of the Credit Card Accountability, Responsibility and
Disclosure Act of 2009, better known as the Credit CARD Act. The pro-consumer
law, signed by former President Barack Obama, brought enormous change to the
credit card space. It set limits on when issuers could raise cardholders’ rates,
changed how payments must be applied to balances, restricted certain fees and
much more. Those changes forced issuers to scramble to figure out how to recoup
the revenues lost under the CARD Act. As a result, credit card rates became
volatile for several years — one card even famously featured a 79.90% APR for a
short time — as banks determined what the market could bear.

Ultimately, all the changes led to overall higher credit card interest rates but
relative stability, even as the nation emerged from the Great Recession. That
stability lasted until the Fed began raising rates in 2015. Those hikes helped
push rates to the high levels we see today.


WHAT CAN I DO IF MY INTEREST RATE IS TOO HIGH?

These are certainly unusual times. Even though the Fed is expected to lower
rates soon, credit card interest rates are still at record highs as credit card
issuers wrestle with ongoing economic uncertainty, including sky-high consumer
debt, rising delinquencies and a shaky job market. That means it’s perhaps more
important than ever that you start knocking down your credit card debt in a big
way. That’s certainly easier said than done, especially with stubborn inflation
taking a toll on Americans’ budgets. However, if possible, one of the best
things you can do is pay down your debt to free up more cash for a rainy day
fund.

You also have more power over your credit card’s APR than you realize. Two
concrete steps can significantly impact your credit card’s interest rates.

Get a 0% balance transfer credit card

It may seem counterintuitive to fight credit card debt by getting another credit
card, but 0% offers can be a godsend. Many cards offer 0% introductory periods
of 12 to 15 months on purchases and balance transfers, with some even offering
18 to 21 months. If you’re knee-deep in card debt, a yearlong reprieve from
interest on a transferred balance can make a huge difference. Make sure you
understand all the fees, deadlines and rules associated with the card before
applying. Also, you’ll likely need a good credit score — perhaps 680 or higher —
to get one as banks are more selective about whose transferred balances they’ll
take on given economic uncertainty. However, if you have good credit, you’ll
likely have lots of options from which to choose.



Find your perfect card in 30 seconds. Check your approval odds so you can shop
smarter.




Ask your issuer for a lower rate

A June 2024 LendingTree survey found that 76% of cardholders who asked to lower
their credit card’s APR were successful. The average reduction was 6.5
percentage points. That’s a big deal! The problem is that just 20% of
cardholders asked. The best way to go about it is to find credit card offers
you’d qualify for at sites like LendingTree or in your snail mail, and use those
to frame your negotiations. Say something like, “I love my card, but it has a
27.00% APR and I’ve just been offered a card with an 21.00% APR. Will you match
it?” There’s a good chance they’ll work with you. Just know you’ll have to make
that call and ask for it. They likely won’t come to you.



 Looking for a way to free up more resources to pay off your credit card? Try a
debt consolidation loan to help pay off your other debt faster.




METHODOLOGY: HOW WE EVALUATED CREDIT CARD APRS

For new credit card offer APRs, LendingTree examined the online terms and
conditions for about 220 credit cards from more than 50 issuers, including banks
and credit unions. To gather the data, we noted the standard purchase APRs
listed for each card on each issuer’s or retailer’s website. (Introductory or
promotional rates aren’t included in our averages.)

For current credit card account APRs, we used data from the latest G.19 consumer
credit report from the Federal Reserve.

The content above is not provided by any issuer. Any opinions expressed are
those of LendingTree alone and have not been reviewed, approved, or otherwise
endorsed by any issuer. The offers and/or promotions mentioned above may have
changed, expired, or are no longer available. Check the issuer's website for
more details.


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On this page


 * Average interest rate on new credit card offers
 * Average interest rate on credit card accounts
 * How credit card interest rates have changed
 * What to do if my credit card interest is too high
 * How we evaluated credit card APRs


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