GITNUX MARKETDATA REPORT 2024

Statistics About The Lowest Interest Rate Credit Card

With sources from: mybanktracker.com, federalreserve.gov, experian.com, nerdwallet.com and many more

Statistic 1

On average, new credit card offers advertise APRs of around 19%.

Statistic 2

The average interest rate on credit cards for consumers with good credit is around 14%.

Statistic 3

Almost 50% of all credit cards offer lower introductory rates.

Statistic 4

The VantageScore for credit card holders in Q1 2020 was 675.

Statistic 5

Approximately 41.2% of households carry some sort of credit card debt.

Statistic 6

the average APR for new credit card offers hit 16.99% in 2019.

Statistic 7

Young millennials, aged 20-29, carry an average debt of $2,700 on their credit cards.

Statistic 8

In 2021, the best low interest credit card offers an introductory APR of 0% for the first 20 months.

Statistic 9

For payments, 43 percent of credit card holders prefer to pay by mail.

Statistic 10

The best low-interest credit cards have a regular APR as low as 8.25%

Statistic 11

Only 33% of consumers are aware that they can negotiate credit card interest rates.

Statistic 12

The number of merchant locations accepting Visa cards in the US is 10.7 million.

Statistic 13

33.8% of U.S. households held credit card debt in 2016.

Statistic 14

Credit card companies processed $7.266 trillion in transactions globally in 2018.

Statistic 15

Credit card losses due to fraud totaled $9.47 billion globally in 2018.

Statistic 16

67% of millennials carry credit card debt, with an average balance of nearly $8,000.

Statistic 17

As of Q2 2020, the total credit card debt in the United States was $756 billion.

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In this post, we will explore key statistics related to credit card interest rates, consumer debt, payment preferences, and industry trends. From the average APR on new credit card offers to the prevalence of credit card debt among different demographics, these data points shed light on the landscape of credit card usage in the United States.

Statistic 1

"On average, new credit card offers advertise APRs of around 19%."

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Statistic 2

"The average interest rate on credit cards for consumers with good credit is around 14%."

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Statistic 3

"Almost 50% of all credit cards offer lower introductory rates."

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Statistic 4

"The VantageScore for credit card holders in Q1 2020 was 675."

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Statistic 5

"Approximately 41.2% of households carry some sort of credit card debt."

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Statistic 6

"the average APR for new credit card offers hit 16.99% in 2019."

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Statistic 7

"Young millennials, aged 20-29, carry an average debt of $2,700 on their credit cards."

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Statistic 8

"In 2021, the best low interest credit card offers an introductory APR of 0% for the first 20 months."

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Statistic 9

"For payments, 43 percent of credit card holders prefer to pay by mail."

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Statistic 10

"The best low-interest credit cards have a regular APR as low as 8.25%"

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Statistic 11

"Only 33% of consumers are aware that they can negotiate credit card interest rates."

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Statistic 12

"The number of merchant locations accepting Visa cards in the US is 10.7 million."

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Statistic 13

"33.8% of U.S. households held credit card debt in 2016."

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Statistic 14

"Credit card companies processed $7.266 trillion in transactions globally in 2018."

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Statistic 15

"Credit card losses due to fraud totaled $9.47 billion globally in 2018."

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Statistic 16

"67% of millennials carry credit card debt, with an average balance of nearly $8,000."

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Statistic 17

"As of Q2 2020, the total credit card debt in the United States was $756 billion."

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Interpretation

In conclusion, the credit card industry in the United States presents a landscape of varying interest rates, debt levels, and consumer behaviors. Data reveals that there is a wide range of APRs offered, with many consumers carrying credit card debt at different interest rates. The statistics highlight the importance of understanding credit card terms, managing debt responsibly, and being aware of available options for negotiating interest rates. Additionally, the prevalence of credit card usage and the substantial amount of transactions processed indicate the significant role that credit cards play in the economy.

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