What are the average credit card rates right now?
Credit cards with extra features, insurances, services and rewards usually attract higher rates and annual fees.
ME Bank’s Nic Emery said: “The average interest rate on ‘rewards cards’ is 19.5 per cent.”
“The average across ‘non-rewards cards’ is 14.1 per cent,” said Emery.
Low rate, no frills credit card rates start from under 9 per cent on InfoChoice.
Nic Emery said credit card consumers need to be aware of introductory card offers that start off low. These can spike after the ‘honeymoon period’ is over said Emery.
“A lot think they can pay balances within the time, but many don’t.”
Source: The New Daily