What is the average APR on credit cards?

The average APR (annual percentage rate) on credit cards in California is determined by the Credit Card Law of the state. This law regulates the maximum interest and fees that credit card companies may charge in the state and is designed to protect consumers. The current average APR on credit cards in California is 12.90%. This rate is based on a survey of the most commonly advertised credit card rates, including promotional and non-promotional rates. This rate does not include any other fees or charges that may be included on credit card statements. The Credit Card Law in California also requires that credit card companies inform their customers of their annual percentage rate when they receive their cards. This information should be included in the cardholder agreement and must be presented to the customer in writing, both electronically and in hard copy. Credit card APR rates can vary widely depending on the type of card and the creditworthiness of the cardholder. Some credit cards offer lower APR rates for those with excellent credit, while others charge significantly higher APRs to those with bad credit. It is important to compare different credit card offers and read the cardholder agreement carefully before selecting a credit card.

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What is the average APR on credit cards?

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