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Link to original content: http://statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/
Average credit card rate UK, per month 1995-2023 | Statista

Monthly credit card interest rate in the UK 1995-2023

Published by
Raynor de Best,
Feb 19, 2024

The interest rate for credit cards in the UK grew to an all-time high in August 2023, even though the base rate for the Bank of England grew at a faster pace that month. Credit card interest rates tend to be significantly higher than other forms of lending, and the United Kingdom is no exception to this. By August 2023, the average interest rate had increased to 23.57 percent. The Bank of England base rate stood at five percent since July 2023 – which was not yet the highest value observed. Nevertheless, the central bank's interest rate grew faster than that of credit cards.

Average representative credit card interest rate in the United Kingdom (UK) from January 1995 to August 2023

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Sources

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Release date

October 2023

Region

United Kingdom

Survey time period

January 1995 to August 2023

Special properties

Non-seasonally adjusted

Supplementary notes

The figures have been gathered from multiple reports from the same source:

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Statistics on " Credit cards and debit cards in the United Kingdom (UK) "

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Other statistics that may interest you Credit cards and debit cards in the United Kingdom (UK)

Penetration

5

User behavior

5

Spending

7

Transaction count

5

Credit card debt

5

Brands and issuers

5

Forecasts

5

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Topics

Payment cards in the United Kingdom (UK)Mobile payments in the United StatesCredit cards in the United StatesDebit cards
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