The interest rate for credit cards in the UK grew to an all-time high in August 2023, even though the base rate for the Bank of England grew at a faster pace that month. Credit card interest rates tend to be significantly higher than other forms of lending, and the United Kingdom is no exception to this. By August 2023, the average interest rate had increased to 23.57 percent. The Bank of England base rate stood at five percent since July 2023 – which was not yet the highest value observed. Nevertheless, the central bank's interest rate grew faster than that of credit cards.
Average representative credit card interest rate in the United Kingdom (UK) from January 1995 to August 2023
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Statista. (October 18, 2023). Average representative credit card interest rate in the United Kingdom (UK) from January 1995 to August 2023 [Graph]. In Statista. Retrieved January 21, 2025, from https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed
Statista. "Average representative credit card interest rate in the United Kingdom (UK) from January 1995 to August 2023." Chart. October 18, 2023. Statista. Accessed January 21, 2025. https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed
Statista. (2023). Average representative credit card interest rate in the United Kingdom (UK) from January 1995 to August 2023. Statista. Statista Inc.. Accessed: January 21, 2025. https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed
Statista. "Average Representative Credit Card Interest Rate in The United Kingdom (Uk) from January 1995 to August 2023." Statista, Statista Inc., 18 Oct 2023, https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed
Statista, Average representative credit card interest rate in the United Kingdom (UK) from January 1995 to August 2023 Statista, https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed (last visited January 21, 2025)
Average representative credit card interest rate in the United Kingdom (UK) from January 1995 to August 2023 [Graph], Statista, October 18, 2023. [Online]. Available: https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed
