In January 2023, credit card interest rates in Brazil increased to an average of 41.15% per year
This increase was mainly due to inflationary pressures and economic uncertainty.
The highest interest rates were charged by private label credit cards, with an average of 80.71% per year
Interest rates for revolving credit, or the option to only pay the minimum payment, increased to an average of 53.33% per year
The average interest rate for non-revolving credit, or paying the full amount each month, was 17.52% per year
The increase in credit card interest rates could lead to higher debt levels for consumers who carry a balance.
It may be wise to pay off credit card balances in full each month to avoid accruing high interest charges.
Consumers should also consider shopping around for credit cards with lower interest rates or transferring balances to a lower rate card.
High credit card interest rates may also make it difficult for consumers to qualify for other types of loans or credit.
It is important for consumers to be aware of the interest rates and fees associated with their credit cards and to manage their debt responsibly.