GITNUX MARKETDATA REPORT 2024

Statistics About The Lowest Credit Card Interest Rate

With sources from: businessinsider.com, federalreserve.gov, nerdwallet.com, creditcards.com and many more

Statistic 1

People with strong credit scores (i.e., 720 and above) can usually qualify for credit cards with lower interest rates, sometimes less than 10%.

Statistic 2

Credit unions usually offer lower credit card interest rates than banks, with an average of 11.58% APR.

Statistic 3

Balance transfer credit cards can offer introductory rates as low as 0% for up to 20 months.

Statistic 4

Many consumers do not understand how their credit card interest rates are determined, with only 39% saying they feel knowledgeable on the topic.

Statistic 5

Only 33% of U.S. adults accurately identified what APR stands for and how it functions.

Statistic 6

As of February 2021, the lowest offered APR on a credit card from a major U.S. bank is 9.99%.

Statistic 7

58% of U.S. adults have credit card debt, and many of those individuals could benefit from lower interest rates.

Statistic 8

80% of consumers could lower their APR by calling their credit card company and asking for a lower rate.

Statistic 9

According to the Federal Reserve, the average credit card interest rate for accounts assessing interest in Q2 2021 was 16.30%.

Statistic 10

More than 70% of credit card plans allow issuers to increase the interest rate if a cardholder makes a late payment.

Statistic 11

U.S. households with credit card debt owe an average of $6,741. Lowering the interest rate could bring significant savings.

Statistic 12

Most consumers (41%) received their credit card APR information by mail, with 32% receiving it online.

Statistic 13

The lowest new credit card annual percentage rates (APR) in the U.S. was 12.51% in April 2020.

Statistic 14

The lowest average credit card interest rate for people with excellent credit is 12.57%.

Statistic 15

The lowest maximum credit card interest rate in the U.S. in the first quarter of 2021 was offered by industrial banks at 19.01%.

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In this post, we will explore various statistics related to credit card interest rates in the United States. From the factors influencing interest rates to the average rates offered by different financial institutions, these insights will shed light on how consumers can potentially save money and manage their credit card debt more effectively.

Statistic 1

"People with strong credit scores (i.e., 720 and above) can usually qualify for credit cards with lower interest rates, sometimes less than 10%."

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Statistic 2

"Credit unions usually offer lower credit card interest rates than banks, with an average of 11.58% APR."

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Statistic 3

"Balance transfer credit cards can offer introductory rates as low as 0% for up to 20 months."

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Statistic 4

"Many consumers do not understand how their credit card interest rates are determined, with only 39% saying they feel knowledgeable on the topic."

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Statistic 5

"Only 33% of U.S. adults accurately identified what APR stands for and how it functions."

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Statistic 6

"As of February 2021, the lowest offered APR on a credit card from a major U.S. bank is 9.99%."

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Statistic 7

"58% of U.S. adults have credit card debt, and many of those individuals could benefit from lower interest rates."

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Statistic 8

"80% of consumers could lower their APR by calling their credit card company and asking for a lower rate."

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Statistic 9

"According to the Federal Reserve, the average credit card interest rate for accounts assessing interest in Q2 2021 was 16.30%."

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Statistic 10

"More than 70% of credit card plans allow issuers to increase the interest rate if a cardholder makes a late payment."

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Statistic 11

"U.S. households with credit card debt owe an average of $6,741. Lowering the interest rate could bring significant savings."

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Statistic 12

"Most consumers (41%) received their credit card APR information by mail, with 32% receiving it online."

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Statistic 13

"The lowest new credit card annual percentage rates (APR) in the U.S. was 12.51% in April 2020."

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Statistic 14

"The lowest average credit card interest rate for people with excellent credit is 12.57%."

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Statistic 15

"The lowest maximum credit card interest rate in the U.S. in the first quarter of 2021 was offered by industrial banks at 19.01%."

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Interpretation

In conclusion, the statistics presented highlight the significant impact that credit scores, financial institutions, and consumer knowledge have on credit card interest rates. Individuals with strong credit scores are more likely to benefit from lower rates, particularly through credit unions and balance transfer cards offering introductory promotions. Despite potential savings, a substantial number of consumers lack understanding regarding interest rate determination and credit card terms. The data underscore the opportunities for individuals to lower their rates by actively engaging with their credit card companies, potentially resulting in substantial savings given the average credit card debt held by U.S. households.

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