Average credit card purchase rate hits 19.1pc The average credit card purchase rate, which dipped to 18.1pc a year ago, had risen to 18.9pc one month ago and today stands at 19.1pc. This is the highest it has been for 18 months, according to Moneyfacts.co.uk. Coupled with the interest rate hike, providers are also allowing customers to pay back less each month, therefore keeping the debt on the books for longer and acquiring interest for a longer period of time. Rachel Springall, of Moneyfacts.co.uk, advised: "If in doubt, shoppers should opt for an introductory interest-free purchase card, which gives them some breathing space so they can focus on repaying solely the amount they have spent. Borrowers with a £5,000 debt on their card, who repay the minimum each month, will now repay an additional £692 over the life of the debt compared to a year ago. Since last year, the majority of credit card lenders allow their customers to pay as little as 1pc of the original debt each month, which means card holders will be taking longer to repay their balance and are incurring interest for a longer duration. It is more important than ever for customers to decide whether to move their existing debt to a balance transfer card and aim to repay the debt before the interest-free period ends. Balance transfer fees should also not be overlooked. Based on a debt of £5,000 with a 3pc fee, it would cost £150 to move the debt and that's before interest is applied.