interest rates on foreign credit cards

Multi-Purpose · 10:01 PM

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.

fffresh · 12:29 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%.

Floppster · 05:37 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

Cucumber · 12:51 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

Mogul of Pineapples · 12:13 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.

AnthonyBarone · 04:47 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.

BONECRUSHER · 11:41 PM

Why would someone pay 70% interest?

It looks like a total scam if you ask me.

Mogul of Pineapples · 06:42 PM

What else I have noticed also is that foreign credit cards are also more likely to have annual fees too.

10:01 PM	#1
Multi-Purpose Centurion Member Join Date: Apr 2008 Location: Somewhere in So Cal Posts: 106	interest rates on foreign credit cards 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. __________________ Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek. -Barack Obama

05:37 PM	#3
Floppster Centurion Member Join Date: Sep 2008 Location: US Posts: 189	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 __________________ Intellectuals solve problems. Geniuses prevent them. - Albert Einstein 1879-1955

12:13 PM	#5
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	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. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

06:42 PM	#8
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	What else I have noticed also is that foreign credit cards are also more likely to have annual fees too. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

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12:29 PM	#2
fffresh Centurion Member Join Date: Apr 2008 Location: the edge of the world Posts: 412	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%.

12:51 AM	#4
Cucumber Centurion Member Join Date: Apr 2008 Location: Zuma Posts: 453	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

04:47 PM	#6
AnthonyBarone Centurion Member Join Date: Apr 2008 Location: White Plains, NY Posts: 128	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.

11:41 PM	#7
BONECRUSHER Green Member Join Date: Nov 2008 Location: SOMEWHERE Posts: 3	Why would someone pay 70% interest? It looks like a total scam if you ask me.