The end of crazy credit card interest rates? The average credit card interest rate is over 20%. The new Bernie-Hawley bipartisan bill (authored in part by JD Vance) is the Credit Card Competition Act. This is also written to bring more competition to the card payment networks, currently a duopoly controlled by Visa and MC. These swipe fees are much lower in Europe where there is more competition. In the USA, this lack of competition costs the average American family 900 per year.