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.

In fact, credit card debt hit a record $1.03 trillion in the second quarter of this year, the Federal Reserve Bank of New York reported. In 2022, consumers were charged $105 billion in interest on ...

3 reasons why your credit card interest rate is so high—that have nothing to do with you CNBC Select answers why issuers charge such high interest and how you can avoid it. Updated Tue, Apr 29 2025 ...

High-interest credit cards can significantly increase the cost of carrying a balance, with rates around 30% APR being particularly expensive. It may be beneficial to consider switching to a low ...

Interest rates are coming down, but credit card rates remain stubbornly high. The average credit card rate is 20.51%, Bankrate reports.That’s a hair below the all-time record, 20.79%, set in August.

As of late 2024, credit card interest rates reached a record high of nearly 22 percent. When borrowers aren’t paying off their monthly balances and overextending on purchases, they can still ...

Is there any limit to how high your credit card interest rates can go? You may be surprised to learn that, generally, there isn’t. As many cardholders have seen, average card interest rates have ...

Today you feel like you’re giving a lot more than you’re getting, and now you’re wondering how you can leave your high-interest credit card behind. While there aren’t as many options for leaving your ...

For consumers, high credit card interest rates are irrelevant if they don’t carry a balance or take cash advances. But if they revolve a monthly balance, make no mistake, that’s a loan.

A high interest rate on your credit card is typically only an issue if you often carry a balance from month to month. But interest adds up fast if you do.

High-interest credit cards can significantly increase the cost of carrying a balance, with rates around 30 percent APR being particularly expensive. It may be beneficial to consider switching to a ...