- Average consumer credit card interest rate: 18.24%
- Average small business credit card interest rate: 17.17%
- Average retail store credit card interest rate: 25.09%
In the approximately 18 months since our last report, the average credit card rate on mass market consumer credit cards has actually barely moved — it is now 18.24%, up from 17.99% in August of 2018.
Nevertheless, credit card rates are at all-time highs, so the relative stability is not a lot to cheer about.
Rates By Card Type
In addition to the overall market average noted above, we also track reward credit cards vs. non-reward credit cards to showcase the difference that forgoing rewards (or not) can have on the interest you’ll pay if you ever carry a balance. Our rule-of-thumb is that a rewards card will generally charge 2 percentage points more on average than a card with no rewards. Our current calculations roughly bear this out:
- Consumer credit cards that do not offer rewards have an average interest rate of 17.20%
- Consumer credit cards with rewards programs have an average interest rate of 19.00%