Credit Card Interest Rates

Credit Card Interest Rates Hit 25-Year High

Credit card interest rates hit a 25-year high in 2019 as lenders increased their rates. A research firm expects momentum to continue through 2023, with interest rates on plastic averaging 17.10%. In addition, the country’s credit card and other revolving debt have increased almost 20% from a decade ago, reaching an all-time high of about $1.1 trillion. The average balance on a credit card is now almost $6,200, and the typical American holds four credit cards.

Greater Community Credit Union offers a fixed interest rate of 6.9% with no annual fee. If you currently carry a balance on a high-interest credit card or are considering opening a credit card, contact one of our offices for an application.