interest rates on foreign credit cards

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Multi-Purpose
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interest rates on foreign credit cards

Postby Multi-Purpose » Sat Nov 01, 2008 1:01 am

Any idea what the average APR is on credit cards in other parts of the world? I know Australia has higher rates (20% or more on average) but they also give a grace period of 60 days to pay the bill before interest is accrued.
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fffresh
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Postby fffresh » Sun Nov 02, 2008 2:29 pm

In the UK the standard APR tends to run a few points higher than in the United States. I would estimate the current average there is around 15% or 16% and here we currently have an average of 11% or 12%.

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Postby Floppster » Sun Nov 02, 2008 7:37 pm

With the current prime of 1% in the US the current APR on averages CC Acounts should be 12% + prime (1%). I believe the worldwide average should be somewhere at 17.5%. Get rid of credit cards and only allow charge cards :D
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Cucumber
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Postby Cucumber » Tue Nov 04, 2008 2:51 am

I know the UK has the 2nd biggest market for credit cards and I don't know what their average credit card interest rates are but you would think they would be similar to the USA :confused:
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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Nov 11, 2008 2:13 pm

What is the average credit card interest rate in the United States? I dug up the answer and right now it's 13.81%. If it is supposed to be 13% that leaves it still almost 1% higher than it should be.

On one hand I believe credit card rates should be lower on average (10% and under) but then when I think about it that would probably only encourage debt and cause people to spend more if it was that APR for everyone.

By the way UK cards look to run about 4% higher on average than American cards.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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Postby AnthonyBarone » Wed Nov 12, 2008 6:47 pm

I don't know butr I can tell you that you won't be getting any low interest credit cards down south of us in Mexico... Brazil... and them types of places. Right now the average credit card interest rate in Mexico is upwards of 50%. I know because my wife's folks are from down there. We think we got it bad here and pay too much but boy I tell you its much worse everywhere else.

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Postby BONECRUSHER » Fri Nov 14, 2008 1:41 am

Why would someone pay 70% interest?

It looks like a total scam if you ask me.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Wed Dec 17, 2008 8:42 pm

What else I have noticed also is that foreign credit cards are also more likely to have annual fees too.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred



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