Understanding the credit card climate is important for two reasons. First, credit card offers change regularly, based on the health of the economy and issuers’ business objectives. So being able to see the bigger picture – averages, trends, etc. – gives you a baseline against which to compare offers. And that will help you find the best credit card deals as well as ultimately save more money.
Monitoring the credit card landscape can also tell you a lot about the health of the U.S. consumer. For example, 0% introductory APRs and initial rewards bonuses dried up during the Great Recession. And the decline in consumer credit quality during that period was a big reason why.
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 recent moves.
Main Credit Card Industry Trends
Interest Rates:
- The average credit card APR is 21.43% as of Q4 2022 – a year-over-year increase of 317 basis points.
- The average APR among good credit card offers increased the most compared to last year, rising by 352 basis points, from 18.98% in Q4 2021 to 22.5% in Q4 2022.
Initial Perks (0% APRs & Rewards Bonuses):
- The average cash back credit card’s initial rewards bonus increased by 11.22% in Q4 2022, compared to last year.
- The average base earn rate in terms of miles/points increased by 4.24% compared to last year.
- Credit card companies are emphasizing balance transfers over new-purchase financing, offering 0% intro rates on balance transfers for 11.83% longer. This discrepancy began to emerge in Q4 2013.
Fees:
- The average credit card annual fee is $21.59 – up by 3.60% compared to last year.
- The average balance transfer fee is $2.54. It has decreased by 5.58% compared to last year.
- The average foreign transaction fee on a credit card is 1.53% – down by 34.05% since Q3 2014.
- The average cash advance fee on a credit card is $8.62. That marks a decrease of just 1.93% in the past quarter, but it’s still 41% lower than the average cash advance fee from Q4 2016.
Complaints & Satisfaction:
- 40.51% less credit card complaints were filed with the Consumer Financial Protection Bureau during Q4 2022 than the prior quarter.
- The types of CFPB complaints that increased the most during Q4 were those categorized as being related to: “APR or interest rate” (41.9%), “Advertising and marketing” (30.6%) and “Other” (20.9%). Complaints related to “Payoff process” (-6.8%), “Credit” (-16.1%) and “Collection” (-22.5%) fell the most.
- Discover had the most-satisfied credit card customers during the fourth quarter of 2022, earning a WalletHub Satisfaction Score of 91.49. Synchrony Bank cardholders were the least pleased, with the issuer earning a score of just 79.12.
Interest Rates
| Info | Latest (March 20) | Q4 2022 (vs. last yr) | Q3 2022 (vs. last yr) | Q2 2022 (vs. last yr) | Q1 2022 (vs. last yr) | Q4 2021 (vs. last yr) | Q4 2022 vs. Q3 2022 Change |
|---|---|---|---|---|---|---|---|
| Excellent Credit | 17.03% | 16.39% (24.83%) | 15.16% (15.46%) | 13.85% (5.97%) | 13.10% (0.08%) | 13.13% (0.69%) | 8.11% |
| Good Credit | 23.07% | 22.50% (18.55%) | 21.20% (9.22%) | 19.73% (1.23%) | 18.84% (-2.89%) | 18.98% (-1.66%) | 6.13% |
| Fair Credit | 25.00% | 24.71% (7.90%) | 23.87% (5.71%) | 23.33% (3.87%) | 23.05% (-0.86%) | 22.90% (-0.99%) | 3.52% |
| Secured Credit Cards | 21.60% | 20.89% (15.41%) | 19.74% (10.28%) | 18.95% (6.76%) | 18.30% (1.16%) | 18.10% (8.84%) | 5.83% |
| Student Credit Cards | 19.91% | 19.76% (21.30%) | 18.18% (11.60%) | 16.25% (5.11%) | 16.33% (6.18%) | 16.29% (7.67%) | 8.69% |
| Business Credit Cards | 21.05% | 20.53% (21.41%) | 19.24% (13.85%) | 17.89% (6.24%) | 17.05% (0.29%) | 16.91% (0.48%) | 6.70% |
| Store Credit Cards | 29.33% | 28.67% (17.37%) | 26.97% (10.53%) | 25.27% (4.69%) | 24.51% (0.43%) | 24.42% (1.53%) | 6.30% |
| Average Interest Rate for All New Offers | 21.92% | 21.43% (17.37%) | 20.16% (10.53%) | 18.89% (4.69%) | 18.32% (0.43%) | 18.26% (1.53%) | 6.30% |
The interest rates in the table above pertain to new accounts opened during the fourth quarter of 2022. For statistics illustrating what existing cardholders pay, please see our Historical Interest Rates page.
Interest Rate Landscape for All New Offers
Interest Rate Landscape by Credit Standing
Historical Credit Card Interest Rates
Balance Transfer Landscape
| Info | Latest (March 20) | Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q1 2022 (vs. last yr) |
Q4 2021 (vs. last yr) |
Q4 2022 vs. Q3 2022 Change |
|---|---|---|---|---|---|---|---|
| Average Length of 0% APR Intro Period (in months) | 13.17 | 13.23 (0.23%) | 13.20 (3.12%) | 13.47 (3.38%) | 13.13 (1.31%) | 13.20 (8.11%) | 0.23% |
| Range of 0% APR Intro Periods (in months) | 6 - 21 months | 6 - 21 months | 6 - 21 months | 6 - 26 months | 6 - 26 months | 6 - 21 months | N/A |
| Average Regular APR for Cards that have 0% Intro APR on Balance Transfers | 21.00% | 20.41 (17.84%) | 19.16 (10.69%) | 17.79 (2.77%) | 16.97% (-2.02%) | 17.32% (0.06%) | 6.52% |
| Range of Regular APRs for Cards that have 0% Intro APR on Balance Transfers | 7.90% - 30.49% | 7.99% - 30.24% | 7.99% - 28.24% | 6.24% - 27.49% | 5.99% - 26.99% | 5.99% - 26.99% | N/A |
| Average Balance Transfer Fee for Cards with 0% Intro APR on Balance Transfers | 2.79% | 2.82 (-2.42%) | 2.82 (-7.54%) | 2.76 (-9.21%) | 2.69% (-10.03%) | 2.89% (-4.30%) | 0.00% |
New Purchase Landscape
| Info | Latest (March 20) | Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q1 2022 (vs. last yr) |
Q4 2021 (vs. last yr) |
Q4 2022 vs. Q3 2022 Change |
|---|---|---|---|---|---|---|---|
| Average Length of 0% Intro Period (in months) | 11.77 | 11.83 (3.32%) | 11.77 (4.81%) | 11.88 (4.30%) | 12.04 (4.42%) | 11.45 (9.05%) | 0.51% |
| Range of 0% APR Intro Periods (in months) | 6 - 24 months | 6 - 36 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 | 21.85% | 21.26 (20.39%) | 19.92 (12.73%) | 18.62 (5.92%) | 17.53% (-1.07%) | 17.66% (0.23%) | 6.73% |
| Range of regular APRs for Cards that have 0% Intro APR on Purchases | 7.99% - 31.24% | 7.99% - 29.99% | 7.99% - 29.24% | 7.49% - 27.74% | 7.24% - 26.99% | 7.24% - 26.99% | N/A |
0% Introductory Periods
Penalty APRs
| Info | Latest (March 20) | Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q1 2022 (vs. last yr) |
Q4 2021 (vs. last yr) |
Q4 2022 vs. Q3 2022 Change |
|---|---|---|---|---|---|---|---|
| Average | 26.81% | 26.67% (4.51%) | 26.19% (2.42%) | 25.64% (0.71%) | 25.54% (-0.62%) | 25.52% (-0.55%) | 1.83% |
| Range | 12.90% - 34.49% | 11.75% - 33.74% | 11.75% - 32.24% | 11.75% - 30.74% | 11.75% - 29.99% | 11.75% - 29.99% | 11.75% - 29.99% |
Cash Advances
| Info | Latest (March 13) | Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q4 2021 (vs. last yr) |
Q4 2022 vs. Q3 2022 Change |
|---|---|---|---|---|---|---|---|
| Average APR | 24.13% | 23.59% (4.70%) | 22.53% (4.89%) | 21.48% (4.07%) | 20.70% (0.19%) | 20.79% (2.31%) | 4.70% |
APR Range | 0% - 36% | 0% - 36% | 0.0% - 36.0% | 3.45% - 36% | 3.2% - 36% | 3.2% - 36% | N/A |
Average Cash Advance Fee % | 3.85% | 3.86% (0.52%) | 3.84% (1.05%) | 3.80% (12.76%) | 3.75% (10.95%) | 3.70% (11.78%) | 0.52% |
Average Cash Advance Fee $ amount | $8.47 | $8.62 (-1.93%) | $8.79 (7.46%) | $8.18 (-0.24%) | $8.12 (-1.46%) | $8.28 (1.47%) | -1.93% |
Cash Advance
Rewards
Cash Back
| Info | Latest (March 20) | Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q1 2022 (vs. last yr) |
Q4 2021 (vs. last yr) |
Q4 2022 vs. Q3 2022 Change |
|---|---|---|---|---|---|---|---|
| Average Base Earn Rate | 1.14% | 1.12% (0.90%) | 1.11% (0%) | 1.11% (2.78%) | 1.11% (2.78%) | 1.11% (3.74%) | 0.90% |
| Range of Base Earn Rate | 0.25% - 2% | 0.25% - 2% | 0.25% - 2% | 0.25% - 2% | 0.25% - 2% | 0.25% - 2.5% | N/A |
| Average Initial Bonus | $234.43 | $235.40 (11.22%) | $230.42 (11.90%) | $225.15 (7.88%) | $215.42 (6.60%) | $211.65 (3%) | 2.16% |
| Range of Initial Bonus | $30 - $1,000 | $30.0 - $1000.0 | $10 - $1,000 | $10 - $1,000 | $10 - $750 | $10 - $750 | N/A |
Miles or Points
| Info | Latest (March 20) | Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q1 2022 (vs. last yr) |
Q4 2021 (vs. last yr) |
Q4 2022 vs. Q3 2022 Change |
|---|---|---|---|---|---|---|---|
| Average Base Earn Rate (in miles or points) | 1.23 | 1.23 (4.24%) | 1.23 (2.50%) | 1.22 (2.52%) | 1.22 (2.52%) | 1.18 (0%) | 0.00% |
Range of Base Earn Rate | 0.2 - 10 miles / points | 0.2 - 10.0 miles / points | 0.2 - 10 miles / points | 0.33 - 10 miles / points | 0.33 - 10 miles / points | 0.33 - 10 miles / points | N/A |
Average Initial Bonus (in miles or points) | 31,335 | 29,892 (0.87%) | 31,338 (15.40%) | 31,865 (14.10%) | 31,950 (19.18%) | 29,634 (19.20%) | -4.61% |
Range of Initial Bonus | 1,000 - 175,000 miles / points | 1000.0 - 150,000 miles / points | 1000.0 - 150,000 miles / points | 1,000 - 150,000 miles / points | 1,000 - 1500,00 miles / points | 1,000 - 180,000 miles / points | N/A |
Base Earn Rates
Initial Bonus Points/Miles
Initial Bonus Cash Back
Fees
| Info | Latest (March 20) | Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q1 2022 (vs. last yr) |
Q4 2021 (vs. last yr) |
Q4 2022 vs. Q3 2022 Change |
|---|---|---|---|---|---|---|---|
| Average Annual Fee | $21.71 | $21.59 (3.60%) | $21.59 (8.77%) | $21.47 (3.67%) | $21.94 (13.74%) | $20.84 (13.88%) | 0.00% |
Average Maximum Late Fee | $33.95 | $33.94 (1.01%) | $33.83 (0.68%) | $33.66 (0.48%) | $33.47 (-0.39%) | $33.6 (0.24%) | 0.33% |
Average Foreign Transaction Fee | 1.52% | 1.53% (3.38%) | 1.52% (4.11%) | 1.49% (2.76%) | 1.44% (-4%) | 1.48% (-1.33%) | 0.66% |
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 | 2.54% | 2.54% (-5.58%) | 2.53% (-17.05%) | 2.47% (-18.75%) | 2.44% (-18.94%) | 2.69% (-11.51%) | 0.40% |
Average Annual Fee
Average Foreign Transaction and Balance Transfer Fees
Credit Card Complaints & Satisfaction
Credit Card Complaints
| Info | Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q1 2022 (vs. last yr) |
Q4 2021 (vs. last yr) |
Q4 2022 vs. Q3 2022 Change |
|---|---|---|---|---|---|---|
| Collection | 24.46% (-44.41%) | 24.42% (-67.1%) | 31.55% (-27.62%) | 32.95% (-19.59%) | 34.29% (-2.57%) | -22.50% |
| Billing | 21.76% (22.00%) | 21.7% (21.5%) | 19.92% (13.90%) | 19.38% (7.63%) | 19.27% (-2.73%) | 9.25% |
| Payoff process | 5.99% (22.86%) | 7.30% (49.4%) | 6.43% (32.92%) | 6.04% (6.73%) | 5.67% (-14.82%) | -6.84% |
| Identity theft / Fraud / Embezzlement | 9.83% (141.19%) | 8.5% (107.6%) | 8.62% (168.49%) | 5.18% (2.99%) | 5.30% (31.75%) | 13.98% |
| Closing/Cancelling account | 5.17% (18.85%) | 5.3% (21.4%) | 5.22% (29.35%) | 4.78% (10.40%) | 5.45% (5.28%) | -0.93% |
| Fees | 4.87% (30.51%) | 4.8% (28.2%) | 4.34% (-7.74%) | 4.17% (1.21%) | 4.18% (12.27%) | 12.31% |
| Advertising and marketing | 4.00% (41.47%) | 4.0% (40.7%) | 3.07% (20.66%) | 3.24% (42.53%) | 3.09% (7.07%) | 30.57% |
| Rewards | 2.00% (64.66%) | 1.9% (55.7%) | 1.82% (8.63%) | 1.67% (17.21%) | 1.81% (14.93%) | 9.57% |
| APR or interest rate | 2.32% (53.36%) | 2.0% (31.0%) | 1.63% (-21.80%) | 1.62% (-19.33%) | 41.93% | |
| Credit | 0.87% (-64.81%) | 0.8% (-67.1%) | 1.04% (-62.07%) | 1.34% (22.39%) | 3.16% (7%) | -16.13% |
| Customer service / Customer relations | 1.46% (29.31%) | 1.7% (49.5%) | 1.25% (-1.57%) | 1.30% (24.23%) | 1.33% (-1.19%) | 17.20% |
| Delinquent account | 0.94% (-8.18%) | 1.0% (-4.6%) | 0.91% (-14.54%) | 0.92% (-42.60%) | 0.73% (-62.51%) | 3.49% |
| Credit card protection / Debt protection | 0.92% (59.04%) | 1.1% (84.9%) | 0.84% (84.87%) | 0.76% (55.49%) | 0.67% (34.42%) | 10.03% |
Q3 2022 Consumer Credit Card Complaints
Top 7 Consumer Complaints Over Time
Customer Satisfaction With Large Issuers
| Rank | Issuer | WalletHub Satisfaction Score | CFPB Complaints Per $1 Billion Outstanding | Satisfactory Response | WalletHub Reviews |
|---|---|---|---|---|---|
| Info | Info | Max 100 Points | Max 60 Points | Max 20 Points | Max 20 Points |
| 1 | Discover | 91.49 | 58.15 | 20.00 | 13.33 |
| 2 | Navy FCU | 91.47 | 57.47 | 20.00 | 14.00 |
| 3 | Amex | 91.38 | 58.72 | 20.00 | 12.67 |
| 4 | U.S. Bank | 91.27 | 58.60 | 20.00 | 12.67 |
| 5 | Chase | 90.83 | 58.83 | 20.00 | 12.00 |
| 6 | PNC Bank | 90.00 | 58.67 | 20.00 | 11.33 |
| 7 | USAA | 89.71 | 59.05 | 20.00 | 10.67 |
| 8 | Bank of America | 89.62 | 57.59 | 19.36 | 12.67 |
| 9 | Credit One Bank | 89.33 | 60.00 | 20.00 | 9.33 |
| 10 | Wells Fargo | 89.30 | 57.30 | 20.00 | 12.00 |
| 11 | Citibank | 88.99 | 57.66 | 20.00 | 11.33 |
| 12 | Capital One | 87.37 | 56.04 | 20.00 | 11.33 |
| 13 | Barclays | 85.43 | 54.09 | 20.00 | 11.33 |
| 14 | Goldman Sachs | 80.55 | 51.88 | 20.00 | 8.67 |
| 15 | Synchrony Bank | 79.12 | 49.12 | 20.00 | 10.00 |
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 we 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 Rating (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.