The average credit card interest rate as of August 2023 is 21.19%, per the Federal Reserve (rates updated seasonally). That’s not great for customers when just a few years ago, that statistic was an incredible 6.97% lower.
If you intend to open a credit card, you should be fully confident that you won’t be carrying a balance. As long as you pay off your credit card monthly, interest rates are virtually meaningless. Still, it’s wise to do your part to secure the lowest interest rate possible—just in case you unexpectedly find yourself floating money on your card month-to-month.
