US credit card rates hit a 12-month high at 22.36%, nearing their record
As seen on the 24/7 Wall St. homepage on October 9, 2026.
Card APRs back within a point of their record puts fresh pressure on the revolving balances that card issuers and retailers depend on, right as overdue bills sit at their highest rate since 2011.
The cost of consumer credit is rising. The average interest rate on a US credit card rose +0.2 percentage points in August, to 22.36%, its highest level in 12 months. This is now only 1.0 percentage point below the record 23.37% set in August 2024. Since 2021, the average https://t.co/xSeGsTuDYF
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The average interest rate on a US credit card reached 22.36% in August, its highest level in 12 months and within reach of the all-time record set in August 2024.
That keeps the cost of carrying a balance near historic extremes, just as borrowers and card issuers had reason to expect relief. Cardholders who roll balances month to month absorb the hit directly.
Overdue bills are sitting at their highest rate since 2011, which amplifies the pressure. Rising delinquency alongside costlier debt compounds the stress on household finances.
For investors watching consumer spending and card issuers, the direction of this rate in the months ahead is the variable to track. A new record would push the cost of everyday credit into uncharted territory for this cycle.