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.
Credit card APR (annual percentage rates) and Bank of England interest rate in the United Kingdom (UK) from January 1995 to January 2025
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Statista. (February 3, 2025). Credit card APR (annual percentage rates) and Bank of England interest rate in the United Kingdom (UK) from January 1995 to January 2025 [Graph]. In Statista. Retrieved February 19, 2025, from https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed
Statista. "Credit card APR (annual percentage rates) and Bank of England interest rate in the United Kingdom (UK) from January 1995 to January 2025." Chart. February 3, 2025. Statista. Accessed February 19, 2025. https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed
Statista. (2025). Credit card APR (annual percentage rates) and Bank of England interest rate in the United Kingdom (UK) from January 1995 to January 2025. Statista. Statista Inc.. Accessed: February 19, 2025. https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed
Statista. "Credit Card Apr (Annual Percentage Rates) and Bank of England Interest Rate in The United Kingdom (Uk) from January 1995 to January 2025." Statista, Statista Inc., 3 Feb 2025, https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed
Statista, Credit card APR (annual percentage rates) and Bank of England interest rate in the United Kingdom (UK) from January 1995 to January 2025 Statista, https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed (last visited February 19, 2025)
Credit card APR (annual percentage rates) and Bank of England interest rate in the United Kingdom (UK) from January 1995 to January 2025 [Graph], Statista, February 3, 2025. [Online]. Available: https://www.statista.com/statistics/1419158/united-kingdom-uk-credit-card-interest-rates/?__sso_cookie_checker=failed