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About LinkBacksAny idea what the average APR is on credit cards in other parts of the world? I know Australia has higher rates (20% or more on average) but they also give a grace period of 60 days to pay the bill before interest is accrued.
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interest rates on foreign credit cards
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In the UK the standard APR tends to run a few points higher than in the United States. I would estimate the current average there is around 15% or 16% and here we currently have an average of 11% or 12%.
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With the current prime of 1% in the US the current APR on averages CC Acounts should be 12% + prime (1%). I believe the worldwide average should be somewhere at 17.5%. Get rid of credit cards and only allow charge cards
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I know the UK has the 2nd biggest market for credit cards and I don't know what their average credit card interest rates are but you would think they would be similar to the USA
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What is the average credit card interest rate in the United States? I dug up the answer and right now it's 13.81%. If it is supposed to be 13% that leaves it still almost 1% higher than it should be.
On one hand I believe credit card rates should be lower on average (10% and under) but then when I think about it that would probably only encourage debt and cause people to spend more if it was that APR for everyone.
By the way UK cards look to run about 4% higher on average than American cards.Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.
Current Cards: American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Citi Thank You Premier
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I don't know butr I can tell you that you won't be getting any low interest credit cards down south of us in Mexico... Brazil... and them types of places. Right now the average credit card interest rate in Mexico is upwards of 50%. I know because my wife's folks are from down there. We think we got it bad here and pay too much but boy I tell you its much worse everywhere else.
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Why would someone pay 70% interest?
It looks like a total scam if you ask me.
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What else I have noticed also is that foreign credit cards are also more likely to have annual fees too.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.
Current Cards: American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Citi Thank You Premier
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