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 22.39% as of Q2 2023 – a year-over-year increase of 350 basis points.
- The average APR among secured credit card offers increased the most compared to last quarter, rising by 58 basis points, from 21.76% in Q1 2023 to 22.34% in Q2 2023.
Initial Perks (0% APRs & Rewards Bonuses):
- The average cash back credit card’s initial rewards bonus decreased by 1.98% in Q2 2023, compared to last quarter.
- The average initial bonus awarded in terms of miles/points increased by 2.46% compared to last quarter.
- Credit card companies are emphasizing balance transfers over new-purchase financing, offering 0% intro rates on balance transfers for 12.70% longer. This discrepancy began to emerge in Q4 2013.
Fees:
- The average credit card annual fee is $21.50 – 26.13% higher than Q2 2018.
- The average balance transfer fee is 2.63% - up by 3.54% since previous quarter.
- The average foreign transaction fee on a credit card is $1.54 – down by 39.37% since Q3 2014.
- The average cash advance fee on a credit card is $8.44. That marks a yearly increase of 3.18% in Q2 2023, but it’s still 42.70% lower than the average cash advance fee from Q4 2016.
Complaints & Satisfaction:
- 27.74% more credit card complaints were filed with the Consumer Financial Protection Bureau during Q2 2023 than the same quarter in 2022.
- The types of CFPB complaints that increased the most during Q2 2023 were those categorized as being related to: “Identity theft / Fraud / Embezzlement” (253.30%), “Credit reporting” (56.80%) and “Fees” (24.60%). Complaints related to “APR or interest rates” (-96.5%), “Credit card protection / Debt protection” (-97.1%), “Rewards” (-96.8%) fell the most.
- Navy FCU had the most-satisfied credit card customers during the second quarter of 2023, earning a WalletHub Satisfaction Score of 91.47. Goldman Sachs cardholders were the least pleased, with the issuer earning a score of just 76.97.
Interest Rates
| Info | Latest (September 26) | Q2 2023 (vs. last yr) | Q1 2023 (vs. last yr) | Q4 2022 (vs. last yr) | Q3 2022 (vs. last yr) | Q2 2022 (vs. last yr) | Q2 2023 vs. Q1 2023 Change |
|---|---|---|---|---|---|---|---|
| Excellent Credit | 17.90% | 17.52% (26.50%) | 17.23% (31.53%) | 16.39% (24.83%) | 15.16% (15.46%) | 13.85% (5.97%) | 2.58% |
| Good Credit | 23.97% | 23.47% (18.96%) | 23.24% (23.35%) | 22.50% (18.55%) | 21.20% (9.22%) | 19.73% (1.23%) | 1.60% |
| Fair Credit | 26.26% | 25.77% (10.46%) | 25.54% (10.80%) | 24.71% (7.90%) | 23.87% (5.71%) | 23.33% (3.87%) | 1.10% |
| Secured Credit Cards | 22.49% | 22.34% (17.89%) | 21.88% (19.56%) | 20.89% (15.41%) | 19.74% (10.28%) | 18.95% (6.76%) | 2.67% |
| Student Credit Cards | 19.70% | 19.54% (20.25%) | 19.83% (21.43%) | 19.76% (21.30%) | 18.18% (11.60%) | 16.25% (5.11%) | -1.16% |
| Business Credit Cards | 22.11% | 21.73% (21.46%) | 21.27% (24.75%) | 20.53% (21.41%) | 19.24% (13.85%) | 17.89% (6.24%) | 2.50% |
| Store Credit Cards | 30.42% | 29.95% (18.52%) | 29.63% (20.92%) | 28.67% (17.37%) | 26.97% (10.53%) | 25.27% (4.69%) | 1.53% |
| Average Interest Rate for All New Offers | 22.74% | 22.39% (18.52%) | 22.15% (20.92%) | 21.43% (17.37%) | 20.16% (10.53%) | 18.89% (4.69%) | 1.53% |
Source: WalletHub. The interest rates in the table above pertain to new accounts opened during the first quarter of 2023.
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 (September 26) | Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q2 2023 vs. Q1 2023 Change |
|---|---|---|---|---|---|---|---|
| Average Length of 0% APR Intro Period (in months) | 12.73 | 13.27 (-1.48%) | 13.17 (0.30%) | 13.23 (0.23%) | 13.20 (3.12%) | 13.47 (3.38%) | 0.76% |
| Range of 0% APR Intro Periods (in months) | 6 - 21 months | 6.0 - 21.0 months | 6 - 21 months | 6 - 21 months | 6 - 26 months | 6 - 26 months | N/A |
| Average Regular APR for Cards that have 0% Intro APR on Balance Transfers | 21.93% | 21.54 (21.08%) | 21.14% (24.57%) | 20.41 (17.84%) | 19.16 (10.69%) | 17.79 (2.77%) | 2.43% |
| Range of Regular APRs for Cards that have 0% Intro APR on Balance Transfers | 7.99% - 31.24% | 7.99% - 30.99% | 7.90% - 30.49% | 7.99% - 30.24% | 7.99% - 28.24% | 6.24% - 27.49% | N/A |
| Average Balance Transfer Fee for Cards with 0% Intro APR on Balance Transfers | 2.92% | 2.88 (4.35%) | 2.8% (4.09%) | 2.82 (-2.42%) | 2.82 (-7.54%) | 2.76 (-9.21%) | 3.23% |
Source: WalletHub
New Purchase Landscape
| Info | Latest (September 26) | Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q2 2023 vs. Q1 2023 Change |
|---|---|---|---|---|---|---|---|
| Average Length of 0% Intro Period (in months) | 11.24 | 11.77 (-0.93%) | 11.74 (-2.49%) | 11.83 (3.32%) | 11.77 (4.81%) | 11.88 (4.30%) | 0.00% |
| Range of 0% APR Intro Periods (in months) | 6 - 24 months | 6 - 24 months | 6 - 24 months | 6 - 24 months | 6 - 36 months | 6 - 24 months | N/A |
| Average Regular APR for Cards that have 0% Intro APR on New Purchases | 22.66% | 22.37 (20.14%) | 22% (25.50%) | 21.26 (20.39%) | 19.92 (12.73%) | 18.62 (5.92%) | 2.19% |
| Range of regular APRs for Cards that have 0% Intro APR on Purchases | 7.99% - 32.24% | 7.99% - 31.99% | 7.99% - 31.49% | 7.99% - 29.99% | 7.99% - 29.24% | 7.49% - 27.74% | N/A |
Source: WalletHub
0% Introductory Periods
Source: WalletHub
Penalty APRs
| Info | Latest (September 26) | Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q2 2023 vs. Q1 2023 Change |
|---|---|---|---|---|---|---|---|
| Average | 27.29% | 27.14% (5.85%) | 26.86% (5.17%) | 26.67% (4.51%) | 26.19% (2.42%) | 25.64% (0.71%) | 5.85% |
| Range | 12.90% - 34.40% | 12.9% - 34.4% | 12.90% - 34.74% | 11.75% - 33.74% | 11.75% - 32.24% | 11.75% - 30.74% | 11.75% - 29.99% |
Source: WalletHub
Cash Advances
| Info | Latest (September 26) | Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q2 2023 vs. Q1 2023 Change |
|---|---|---|---|---|---|---|---|
| Average APR | 24.69% | 24.44% (1.37%) | 24.22% (17%) | 23.59% (4.70%) | 22.53% (4.89%) | 21.48% (4.07%) | 1.37% |
| APR Range | 0% - 36% | 0% - 36% | 0% - 36% | 0% - 36% | 0.0% - 36.0% | 3.45% - 36% | N/A |
| Average Cash Advance Fee % | 3.87% | 3.85% (0.00%) | 3.85% (2.67%) | 3.86% (0.52%) | 3.84% (1.05%) | 3.80% (12.76%) | 3.75% (10.95%) |
| Average Cash Advance Fee $ amount | $8.46 | $8.44 (-0.24%) | $8.46 (4.19%) | $8.62 (-1.93%) | $8.79 (7.46%) | $8.18 (-0.24%) | -0.24% |
Source: WalletHub
Cash Advance
Source: WalletHub
Rewards
Cash Back
| Info | Latest (September 26) | Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q2 2023 vs. Q1 2023 Change |
|---|---|---|---|---|---|---|---|
| Average Base Earn Rate | 1.15% | 1.14% (2.70%) | 1.14% (2.7%) | 1.12% (0.90%) | 1.11% (0%) | 1.11% (2.78%) | 0.00% |
| Range of Base Earn Rate | 0.25% - 2% | 0.25% - 2.0% | 0.25% - 2% | 0.25% - 2% | 0.25% - 2% | 0.25% - 2% | N/A |
| Average Initial Bonus | $232.69 | $226.77 (0.72%) | $231.02 (7.24%) | $235.40 (11.22%) | $230.42 (11.90%) | $225.15 (7.88%) | -1.98% |
| Range of Initial Bonus | $30 - $1,000 | $30.0 - $1000.0 | $30.0 - $1000.0 | $10 - $1,000 | $10 - $1,000 | $10 - $750 | N/A |
Source: WalletHub
Miles or Points
| Info | Latest (September 26) | Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q2 2023 vs. Q1 2023 Change |
|---|---|---|---|---|---|---|---|
| Average Base Earn Rate (in miles or points) | 1.21 | 1.22 (0.00%) | 1.23 (0.82%) | 1.23 (4.24%) | 1.23 (2.50%) | 1.22 (2.52%) | -0.81% |
| Range of Base Earn Rate | 0.2 - 10 miles / points | 0.2 - 10.0 miles / points | 0.2 - 10.0 miles / points | 0.2 - 10 miles / points | 0.33 - 10 miles / points | 0.33 - 10 miles / points | N/A |
| Average Initial Bonus (in miles or points) | 30,504 | 31,421 (-1.39%) | 29,788 (-6.76%) | 29,892 (0.87%) | 31,338 (15.40%) | 31,865 (14.10%) | 2.46% |
| Range of Initial Bonus | 1,000 - 150,000 miles / points | 1,000 - 150,000 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 | N/A |
Source: WalletHub
Base Earn Rates
Source: WalletHub
Initial Bonus Points/Miles
Source: WalletHub
Initial Bonus Cash Back
Source: WalletHub
Fees
| Info | Latest (September 26) | Q2 2023 (vs. last yr) |
Q1 2022 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q2 2023 vs. Q1 2023 Change |
|---|---|---|---|---|---|---|---|
| Average Annual Fee | $21.64 | $21.50 (0.14%) | $21.65 (-1.32%) | $21.59 (3.60%) | $21.59 (8.77%) | $21.47 (3.67%) | -0.42% |
| Average Maximum Late Fee | $33.89 | $33.85 (0.56%) | $33.94 (1.4%) | $33.94 (1.01%) | $33.83 (0.68%) | $33.66 (0.48%) | -0.24% |
| Average Foreign Transaction Fee | 1.55% | 1.54% (3.36%) | 1.53% (6.25%) | 1.53% (3.38%) | 1.52% (4.11%) | 1.49% (2.76%) | 0.65% |
| Foreign Transaction Fee Range | 0% - 3% | 0.0% - 3.0% | 0% - 3% | 0% - 3% | 0% - 3% | 0% - 3% | N/A |
| Average Balance Transfer Fee for Cards with Intro Balance Transfer APR | 2.66% | 2.63% (6.48%) | 2.55% (4.51%) | 2.54% (-5.58%) | 2.53% (-17.05%) | 2.47% (-18.75%) | 3.54% |
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 | Q2 2023 (vs. last yr) |
Q1 2023 (vs. last yr) |
Q4 2022 (vs. last yr) |
Q3 2022 (vs. last yr) |
Q2 2022 (vs. last yr) |
Q2 2023 vs. Q2 2023 Change |
|---|---|---|---|---|---|---|
| Collection | 24.38% (-22.74%) | 22.50% (-48.89%) | 24.46% (-44.41%) | 24.42% (-67.1%) | 31.55% (-27.62%) | 8.36% |
| Billing | 18.09% (-9.17%) | 20.83% (16.80%) | 21.76% (22.00%) | 21.7% (21.5%) | 19.92% (13.90%) | -13.16% |
| Payoff process | 5.45% (-15.20%) | 6.10% (25.16%) | 5.99% (22.86%) | 7.30% (49.4%) | 6.43% (32.92%) | -10.65% |
| Identity theft / Fraud / Embezzlement | 0.25% (-97.06%) | 0.07% (-98.24%) | 9.83% (141.19%) | 8.5% (107.6%) | 8.62% (168.49%) | 253.26% |
| Closing/Cancelling account | 4.61% (-11.63%) | 4.68% (7.55%) | 5.17% (18.85%) | 5.3% (21.4%) | 5.22% (29.35%) | -1.42% |
| Fees | 6.36% (46.62%) | 5.11% (36.76%) | v4.87% (30.51%) | 4.8% (28.2%) | 4.34% (-7.74%) | 24.59% |
| Advertising and marketing | 2.92% (-4.73%) | 3.72% (31.30%) | 4.00% (41.47%) | 4.0% (40.7%) | 3.07% (20.66%) | -21.38% |
| Rewards | 0.06% (-96.52%) | 1.95% (61.03%) | 2.00% (64.66%) | 1.9% (55.7%) | 1.82% (8.63%) | -96.75% |
| APR or interest rate | 0.10% (-93.96%) | 2.80% (85.22%) | 2.32% (53.36%) | 2.0% (31.0%) | 1.63% (-21.8%) | -96.48% |
| Credit | 3.01% (189.62%) | 2.71% (9.64%) | 0.87% (-64.81%) | 0.8% (-67.1%) | 1.04% (-62.07%) | 10.85% |
| Customer service / Customer relations | 0.07% (-94.35%) | 1.59% (41.09%) | 1.46% (29.31%) | 1.7% (49.5%) | 1.25% (-1.57%) | -95.58% |
| Delinquent account | 1.01% (11.14%) | 1.12% (9.62%) | 0.94% (-8.18%) | 1.0% (-4.6%) | 0.91% (-14.54%) | -10.05% |
| Credit card protection / Debt protection | 0.03% (-96.65%) | 0.98% (67.93%) | 0.92% (59.04%) | 1.1% (84.9%) | 0.84% (84.87%) | -97.11% |
Source: Consumer Finance Protection Bureau and WalletHub
Q1 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 | Navy FCU | 91.47 | 57.47 | 20.00 | 14.00 |
| 2 | U.S. Bank | 91.27 | 58.60 | 20.00 | 12.67 |
| 3 | Discover | 91.05 | 57.72 | 20.00 | 13.33 |
| 4 | Amex | 91.04 | 58.37 | 20.00 | 12.67 |
| 5 | Chase | 90.27 | 58.27 | 20.00 | 12.00 |
| 6 | PNC Bank | 89.45 | 58.12 | 20.00 | 11.33 |
| 7 | Credit One Bank | 89.33 | 60.00 | 20.00 | 9.33 |
| 8 | USAA | 89.25 | 58.59 | 20.00 | 10.67 |
| 9 | Citibank | 88.33 | 57.00 | 20.00 | 11.33 |
| 10 | Bank of America | 86.73 | 57.44 | 16.63 | 12.67 |
| 11 | Capital One | 86.60 | 55.26 | 20.00 | 11.33 |
| 12 | Wells Fargo | 86.21 | 54.21 | 20.00 | 12.00 |
| 13 | Barclays | 84.52 | 53.19 | 20.00 | 11.33 |
| 14 | Synchrony Bank | 77.08 | 47.08 | 20.00 | 10.00 |
| 15 | Goldman Sachs | 76.97 | 48.31 | 20.00 | 8.7 |
Source: Consumer Finance Protection Bureau and WalletHub
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.
