US Bankcards Industry Benchmarking Trends: 2022 Q4 Update
Fico Collections
FEBRUARY 21, 2023
Increasing of the fed funding rates leads to higher interest rates when seeking new credit or carrying balances on credit cards. For example, the average interest rate on credit cards accruing interest in Q4 2022 was 20.40% compared to 16.44% in Q4 2021 (Source: Federal Reserve G.19 vs. December 2019: 49.6%).
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