To help people better understand the credit card market, WalletHub tracks interest rates, rewards and fees across credit segments, highlighting the most important trends in our quarterly landscape reports. Below, you can check out our latest findings, including a breakdown of how rates are reacting to the Federal Reserve’s latest moves.
Main Credit Card Industry Trends
Interest Rates:
- The average interest rate for new credit card offers is 22.89%, as of Q1 2024, up from 22.05% in Q1 2023.
- The average interest rate for existing accounts assessed finance charges is 22.63%, as of Q1 2024, up from 20.92% in Q1 2023.
- Interest rates on credit cards for people with excellent credit have increased the most, rising by 10.07% in the past year.
Initial Perks (0% APRs & Rewards Bonuses):
- The average cash back credit card’s initial rewards bonus increased by 3.96% in Q4 2023.
- The average initial bonus awarded in terms of miles/points decreased by 1.10% in Q4 2023.
- Credit card companies are emphasizing balance transfers over new-purchase financing, offering 0% intro rates on balance transfers for 12.8% longer.
Fees:
- The average credit card annual fee is $21.58 (0.28% lower vs. Q3 2023).
- The average balance transfer fee is 2.82% (6.02% higher vs. Q3 2023).
- The average foreign transaction fee on a credit card is 1.56% (0.65% higher vs. Q3 2023).
- The average cash advance fee on a credit card is $8.47 (0.12% higher vs. Q3 2023).
Complaints & Satisfaction:
- 163.28% more credit card complaints were filed with the Consumer Financial Protection Bureau during Q4 2023 than the same quarter in 2022.
- The types of CFPB complaints that increased the most during Q4 2023 were those related to “Closing/Canceling account” (47.7% increase) and “Credit reporting” (44.3% increase). Complaints related to “APR or interest rate” (-100.00%), “Credit card protection / Debt protection” (-100.0%), “Customer service / Customer relations” (-100.00%) fell the most.
- U.S. Bank had the most-satisfied credit card customers during the fourth quarter of 2023, earning a WalletHub Satisfaction Score of 89.98. Goldman Sachs cardholders were the least pleased, with the issuer earning a score of just 67.34.
Debt:
- Total credit card debt in February 2024 was actually 11% below the all-time record for the month but still roughly 6% higher than last year, after adjusting for inflation.
- Outstanding credit card debt increased by roughly 5.6% during Q4 2023, compared to the previous quarter.
Interest Rates
| Info | Latest (April 08) | Q1 2024 (vs. last yr) | Q4 2023 (vs. last yr) | Q3 2023 (vs. last yr) | Q2 2023 (vs. last yr) | Q1 2023 (vs. last yr) | Q1 2024 vs. Q4 2023 Change |
|---|---|---|---|---|---|---|---|
| Excellent Credit | 18.03% | 18.04% (+5.62%) | 18.01% (+9.95%) | 17.90% (+18.07%) | 17.52% (+26.50%) | 17.08% (+30.38%) | 0.17% |
| Good Credit | 24.09% | 24.12% (+4.42%) | 24.10% (+7.11%) | 23.97% (+13.07%) | 23.47% (+18.96%) | 23.10% (+22.61%) | 0.08% |
| Fair Credit | 26.34% | 26.41% (+3.61%) | 26.59% (+7.61%) | 26.29% (+10.14%) | 25.77% (+10.46%) | 25.49% (+10.59%) | -0.68% |
| Secured Credit Cards | 22.83% | 22.83% (+4.92%) | 22.86% (+9.43%) | 22.50% (+13.98%) | 22.34% (+17.89%) | 21.79% (+18.91%) | -0.13% |
| Student Credit Cards | 19.73% | 19.73% (-0.20%) | 19.67% (-0.46%) | 19.70% (+8.36%) | 19.54% (+20.25%) | 19.77% (+21.07%) | 0.31% |
| Business Credit Cards | 22.15% | 22.15% (+4.48%) | 22.13% (+7.79%) | 22.12% (+14.97%) | 21.73% (+21.46%) | 21.20% (+24.34%) | 0.09% |
| Store Credit Cards | 30.18% | 30.16% (+3.50%) | 30.00% (+3.87%) | 29.82% (+10.57%) | 29.46% (+16.58%) | 29.14% (+18.89%) | 0.53% |
| Average Interest Rate for All New Offers | 22.87% | 22.89% (+3.80%) | 22.90% (+6.88%) | 22.75% (+12.85%) | 22.39% (+18.52%) | 22.05% (+20.37%) | -0.06% |
| Avg. Assessed Interest Rate of Accounts with Finance Charges | 22.63% | 22.63% (+8.17%) | 22.75% (+11.52%) | 22.77% (+23.55%) | 22.16% (+33.09%) | 20.92% (+29.38%) | -0.53% |
Sources: All the above metrics are based on WalletHub internal data of more than 1,500 credit card offers with the exception of the interest rates for accounts with finance charges where Federal Reserve data was used.
Interest Rate Landscape for All New Offers
Source: WalletHub
Interest Rate Landscape by Credit Standing
Source: WalletHub
Avg. Assessed Interest Rate of Accounts with Finance Charges
Source: Federal Reserve
Balance Transfer Landscape
| Info | Latest (April 08) | Q4 2023 (vs. last yr) |
Q3 2023 (vs. last yr) |
Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q4 2023 vs. Q3 2023 Change |
|---|---|---|---|---|---|---|---|
| Average Length of 0% APR Intro Period (in months) | 12.75 | 12.88 (-2.65%) | 12.75 (-3.41%) | 13.27 (-1.48%) | 13.17 (+0.30%) | 13.23 (+0.23%) | 1.02% |
| Range of 0% APR Intro Periods (in months) | 6 - 21 months | 6 - 21 months | 6 - 21 months | 6 - 21 months | 6 - 21 months | 6 - 21 months | N/A |
| Average Regular APR for Cards that have 0% Intro APR on Balance Transfers | 22.01% | 22.08 (+8.18%) | 21.93 (+14.46%) | 21.54 (+21.08%) | 21.14% (+24.57%) | 20.41 (+17.84%) | 0.68% |
| Range of Regular APRs for Cards that have 0% Intro APR on Balance Transfers | 7.99% - 36.00% | 7.99% - 31.15% | 7.99% - 31.24% | 7.99% - 30.99% | 7.90% - 30.49% | 7.99% - 30.24% | N/A |
| Average Balance Transfer Fee for Cards with 0% Intro APR on Balance Transfers | 3.10% | 3.12 (+10.64%) | 2.92 (+3.55%) | 2.88 (+4.35%) | 2.8% (+4.09%) | 2.82 (-2.42%) | 6.85% |
New Purchase Landscape
| Info | Latest (April 08) | Q4 2023 (vs. last yr) |
Q3 2023 (vs. last yr) |
Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q4 2023 vs. Q3 2023 Change |
|---|---|---|---|---|---|---|---|
| Average Length of 0% Intro Period (in months) | 11.40 | 11.42 (-3.47%) | 11.26 (-4.33%) | 11.77 (-0.93%) | 11.74 (-2.49%) | 11.83 (+3.32%) | 1.42% |
| Range of 0% APR Intro Periods (in months) | 6 - 24 months | 6 - 24 months | 6 - 24 months | 6 - 24 months | 6 - 24 months | 6 - 24 months | N/A |
| Average Regular APR for Cards that have 0% Intro APR on New Purchases | 22.72% | 22.74 (+6.96%) | 22.66 (+13.76%) | 22.37 (+20.14%) | 22% (+25.50%) | 21.26 (+20.39%) | 0.35% |
| Range of regular APRs for Cards that have 0% Intro APR on Purchases | 7.99% - 33.24% | 7.99% - 32.24% | 7.99% - 32.24% | 7.99% - 31.99% | 7.99% - 31.49% | 7.99% - 29.99% | N/A |
Source: WalletHub
0% Introductory Periods
Source: WalletHub
Penalty APRs
| Info | Latest (April 08) | Q4 2023 (vs. last yr) |
Q3 2023 (vs. last yr) |
Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q4 2023 vs. Q3 2023 Change |
|---|---|---|---|---|---|---|---|
| Average | 27.35% | 27.35% (+2.55%) | 27.29% (+4.20%) | 27.14% (+5.85%) | 26.86% (+5.17%) | 26.67% (+4.51%) | 0.22% |
| Range | 12.90% - 36.00% | 12.9% - 34.65% | 12.9% - 34.65% | 12.9% - 34.4% | 12.90% - 34.74% | 11.75% - 33.74% | N/A |
Source: WalletHub
Cash Advances
| Info | Latest (April 08) | Q4 2023 (vs. last yr) |
Q3 2023 (vs. last yr) |
Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q4 2023 vs. Q3 2023 Change |
|---|---|---|---|---|---|---|---|
| Average APR | 24.88% | 24.81% (+5.22%) | 24.70% (+1.06%) | 24.44% (+1.37%) | 24.22% (+17%) | 23.59% (+4.70%) | 0.45% |
| APR Range | 0% - 36.24% | 0.0% - 36.24% | 0.0% - 36.0% | 0% - 36% | 0% - 36% | 0% - 36% | N/A |
| Average Cash Advance Fee % | 3.92% | 3.87% (+0.26%) | 3.87% (+0.52%) | 3.85% (+0.00%) | 3.85% (+2.67%) | 3.86% (+0.52%) | 0.00% |
| Average Cash Advance Fee $ amount | $8.52 | $8.47 (-1.74%) | $8.46 (+0.24%) | $8.44 (-0.24%) | $8.46 (+4.19%) | $8.62 (-1.93%) | 0.12% |
Source: WalletHub
Cash Advance
Source: WalletHub
Rewards
Cash Back
| Info | Latest (April 08) | Q4 2023 (vs. last yr) |
Q3 2023 (vs. last yr) |
Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q4 2023 vs. Q3 2023 Change |
|---|---|---|---|---|---|---|---|
| Average Base Earn Rate | 1.15% | 1.17% (+3.54%) | 1.15% (+2.68%) | 1.14% (+2.70%) | 1.14% (+2.7%) | 1.12% (+0.90%) | 1.74% |
| Range of Base Earn Rate | 0.25% - 2% | 1% - 3% | 0.25% - 2.0% | 0.25% - 2.0% | 0.25% - 2% | 0.25% - 2% | N/A |
| Average Initial Bonus | $231.35 | $241.91 (+2.77%) | $232.69 (+0.99%) | $226.77 (+0.72%) | $231.02 (+7.24%) | $235.40 (+11.22%) | 3.96% |
| Range of Initial Bonus | $30 - $1,000 | $30 - $1,000 | $30 - $1,000 | $30 - $1,000 | $30 - $1,000 | $30 - $1,000 | N/A |
Source: WalletHub
Miles or Points
| Info | Latest (April 08) | Q4 2023 (vs. last yr) |
Q3 2023 (vs. last yr) |
Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q4 2023 vs. Q3 2023 Change |
|---|---|---|---|---|---|---|---|
| Average Base Earn Rate (in miles or points) | 1.22 | 1.25 (+1.63%) | 1.21 (-1.63%) | 1.22 (+0.00%) | 1.23 (+0.82%) | 1.23 (+4.24%) | 3.31% |
| Range of Base Earn Rate | 0.2 - 10.0 miles / points | 0.2 - 10.0 miles / points | 0.2 - 10.0 miles / points | 0.2 - 10.0 miles / points | 0.2 - 10.0 miles / points | 0.2 - 10 miles / points | N/A |
| Average Initial Bonus (in miles or points) | 31,244 | 30,381 (+2.02%) | 30,719 (-1.97%) | 31,421 (-1.39%) | 29,788 (-6.76%) | 29,892 (+0.87%) | -1.10% |
| Range of Initial Bonus | 1,000 - 185,000 miles / points | 1,000 - 180,000 miles / points | 1,000 - 150,000 miles / points | 1,000 - 150,000 miles / points | 1000.0 - 150,000 miles / points | 1,000 - 150,000 miles / points | N/A |
Source: WalletHub
Base Earn Rates
Source: WalletHub
Initial Bonus Points/Miles
Source: WalletHub
Initial Bonus Cash Back
Source: WalletHub
Fees
| Info | Latest (April 08) | Q4 2023 (vs. last yr) |
Q3 2023 (vs. last yr) |
Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q4 2023 vs. Q3 2023 Change |
|---|---|---|---|---|---|---|---|
| Average Annual Fee | $22.33 | $21.58 (+0.28%) | $21.64 (+0.23%) | $21.50 (+0.14%) | $21.65 (-1.32%) | $21.59 (+3.60%) | -0.28% |
| Average Maximum Late Fee | $33.96 | $33.98 (+0.12%) | $33.89 (+0.18%) | $33.85 (+0.56%) | $33.94 (+1.4%) | $33.94 (+1.01%) | 0.27% |
| Average Foreign Transaction Fee | 1.56% | 1.56% (+1.96%) | 1.55% (+1.97%) | 1.54% (+3.36%) | 1.53% (+6.25%) | 1.53% (+3.38%) | 0.65% |
| Foreign Transaction Fee Range | 0% - 3% | 0% - 3% | 0% - 3% | 0% - 3% | 0% - 3% | 0% - 3% | N/A |
| Average Balance Transfer Fee for Cards with Intro Balance Transfer APR | 2.80% | 2.82% (+11.02%) | 2.66% (+5.14%) | 2.63% (+6.48%) | 2.55% (+4.51%) | 2.54% (-5.58%) | 6.02% |
Source: WalletHub
Average Annual Fee
Source: WalletHub
Average Foreign Transaction and Balance Transfer Fees
Credit Card Complaints & Satisfaction
Credit Card Complaints
Source: Consumer Finance Protection Bureau and WalletHub
| Info | Q4 2023 (vs. last yr) |
Q3 2023 (vs. last yr) |
Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q4 2023 vs. Q3 2023 Change |
|---|---|---|---|---|---|---|
| Collection | 20.17% (-12.95%) | 42.49% (+72.38%) | 24.38% (-22.74%) | 22.50% (-48.89%) | 24.46% (-44.41%) | -52.53% |
| Billing | 16.75% (-23.28%) | 11.94% (-44.19%) | 18.09% (-9.17%) | 20.83% (+16.80%) | 21.76% (+22.00%) | 40.33% |
| Payoff process | 4.52% (-34.24%) | 4.09% (-45.08%) | 5.45% (-15.20%) | 6.10% (+25.16%) | 5.99% (+22.86%) | 10.50% |
| Identity theft / Fraud / Embezzlement | 0.05% (-14.50%) | 0.23% (+423.35%) | 0.25% (-97.06%) | 0.07% (-98.24%) | 9.83% (+141.19%) | -78.22% |
| Closing/Cancelling account | 4.37% (-19.27%) | 2.96% (-44.61%) | 4.61% (-11.63%) | 4.68% (+7.55%) | 5.17% (+18.85%) | 47.70% |
| Fees | 5.92% (+23.44%) | 4.56% (-3.07%) | 6.36% (+46.62%) | 5.11% (+36.76%) | 4.87% (+30.51%) | 29.67% |
| Advertising and marketing | 2.55% (-38.89%) | 2.18% (-46.26%) | 2.92% (-4.73%) | 3.72% (+31.30%) | 4.00% (+41.47%) | 16.92% |
| Rewards | 0.00% (-100.00%) | 0.06% (-97.13%) | 0.06% (-96.52%) | 1.95% (+61.03%) | 2.00% (+64.66%) | -100.00% |
| APR or interest rate | 0.00% (-100.00%) | 0.08% (-95.76%) | 0.10% (-93.96%) | 2.80% (+85.22%) | 2.32% (+53.36%) | -100.00% |
| Credit | 2.58% (-18.13%) | 1.96% (-34.82%) | 3.01% (+189.62%) | 2.71% (+9.64%) | 0.87% (-64.81%) | 31.58% |
| Customer service / Customer relations | 0.00% (-100.00%) | 0.06% (-96.37%) | 0.07% (-94.35%) | 1.59% (+41.09%) | 1.46% (+29.31%) | -100.00% |
| Delinquent account | 0.82% (-8.07%) | 0.65% (-35.73%) | 1.01% (+11.14%) | 1.12% (+9.62%) | 0.94% (-8.18%) | 24.91% |
| Credit card protection / Debt protection | 0.00% (-100.00%) | 0.06% (-94.55%) | 0.03% (-96.65%) | 0.98% (+67.93%) | 0.92% (+59.04%) | -100.00% |
Source: Consumer Finance Protection Bureau and WalletHub
Q4 2023 Consumer Credit Card Complaints
Source: Consumer Finance Protection Bureau and WalletHub
Top 7 Consumer Complaints Over Time
Source: Consumer Finance Protection Bureau and WalletHub
Customer Satisfaction With Large Issuers
| Rank | Issuer | WalletHub Satisfaction Score | CFPB Complaints Per $1 Billion Outstanding | CFPB Satisfactory Response | WalletHub Reviews |
|---|---|---|---|---|---|
| Info | Info | Max 100 Points | Max 60 Points | Max 20 Points | Max 20 Points |
| 1 | U.S. Bank | 89.98 | 57.32 | 20.00 | 12.67 |
| 2 | Discover | 89.53 | 56.19 | 20.00 | 13.33 |
| 3 | Credit One Bank | 89.33 | 60.00 | 20.00 | 9.33 |
| 4 | Amex | 88.93 | 56.26 | 20.00 | 12.67 |
| 5 | Bank of America | 88.84 | 56.38 | 19.79 | 12.67 |
| 6 | USAA | 88.64 | 57.97 | 20.00 | 10.67 |
| 7 | PNC Bank | 88.01 | 57.34 | 20.00 | 10.67 |
| 8 | Chase | 87.96 | 55.96 | 20.00 | 12.00 |
| 9 | Navy FCU | 87.75 | 53.75 | 20.00 | 14.00 |
| 10 | Citibank | 85.51 | 54.85 | 20.00 | 10.67 |
| 11 | Wells Fargo | 85.04 | 53.71 | 20.00 | 11.33 |
| 12 | Capital One | 83.49 | 52.18 | 19.98 | 11.33 |
| 13 | Barclays | 82.21 | 50.88 | 20.00 | 11.33 |
| 14 | Synchrony Bank | 67.61 | 38.28 | 20.00 | 9.33 |
| 15 | Goldman Sachs | 67.34 | 38.67 | 20.00 | 8.67 |
Source: Consumer Finance Protection Bureau and WalletHub
Debt
Credit Card Debt as of February Each Year (Adjusted for Inflation)
Quarterly Credit Card Debt (Adjusted for Inflation)
For more information, check out WalletHub's in-depth studies on credit card debt and total household debt.
Methodology
Information for this report was collected from the websites of each institution which we then use to update our internal database of 1,500+ credit cards. Quarterly averages used for this report corresponds to the last Friday business day of each quarter. "Latest" column from the tables is updated each Monday.
For the "customer satisfaction with large issuers" section, WalletHub evaluated consumer satisfaction for 15 of the largest credit card issuers based on total outstanding balances. Each issuer was scored on a 100-point scale according to the following criteria:
- CFPB Complaints Per $1 Billion Outstanding (maximum of 60 points)
- 60 Points: No complaints
- 0 Points: 135+ complaints
- Satisfactory Response Rate To CFPB Complaints (maximum of 20 points)
- 20 Points: 100%
- 0 Points: 50%
- Average WalletHub Reviews (maximum of 20 points)
- 20 Points: 5 stars
- 0 Points: 2 stars or below
For statistics on store credit cards in particular, check out our latest Store Card Landscape Report.
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