What is the average APR on credit cards?

The average Annual Percentage Rate (APR) for a credit card in Washington State is 16.10%. This rate has remained relatively consistent for over ten years. The APR rate for credit cards helps lenders determine the interest rate on outstanding balances, fees, and other transaction costs that come with using a credit card. Credit card companies in Washington must follow the Uniform Consumer Credit Code (UCCC) which is a set of laws created to help protect consumers from unfair credit practices and to ensure responsible lending. Generally, credit card companies cannot give someone a rate above the average APR rate of 16.10%. Beyond this rate, there are range of rates that are allowed depending on the type of card. For example, rewards and cash back cards tend to have higher APRs than a standard card since they offer more benefits. For business cards, which tend to be used more regularly, the rate may be slightly higher as well. Credit card companies may also offer a promotional rate which could be lower than the usual APR rate. These promotional rates are only available for a certain period of time, usually no more than six months, so it is important to read through the terms and conditions of the offer before signing up. Overall, the average APR for credit cards in Washington is 16.10%. Before signing up for a card, it is important to compare the rates, fees, and benefits of various credit cards to find the best one for you.

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What is the average APR on credit cards?

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