What Is the Average Credit Card Interest Rate in Canada?

In Canada, the “standard” credit card interest rate for regular purchases is usually around 20% APR.

Many cards sit in a typical range of about 19.99% to 23.99%, and some can be higher (often up to around 25.99%).

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Why There Isn’t One Exact “Average”

Credit card rates depend on the card type:

• Low-interest cards can be much lower.

• Rewards cards often have higher “standard” rates.

Purchase Rate vs Cash Advance Rate

Most cards charge different rates depending on the transaction:

• Purchases: usually the lower rate

• Cash advances / cash-like transactions: usually higher

How to Pay Less Interest

• Pay your balance in full by the due date (then you usually avoid purchase interest).

• Avoid cash advances when you can.

• If you often carry a balance, consider a low-interest card.