Monthly credit card interest rate in the UK 1995-2023
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.
