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January
14, 2010
Weekly Averages:
- Average
consumer credit card rate, overall market: 16.28%
- Average
credit card rate, non-reward consumer cards: 14.75%
- Average
reward credit card rate: 16.94%
- Average
student credit card rate: 16.00%
- Average
business credit card rate (non-reward): 13.39%
- Average
business reward credit card rate: 14.53%
Credit
Card Rates Stabilize, but Still Near Historic Highs
Credit card rates have held fairly steady for the last month,
but remain at historically high levels after the recent manuevering
by issuers ahead of the full implementation of the new Credit
Card Act in February. The overall average rate of 16.28% is
actually down slightly from December's 16.36%, but still represents
the secong-highest average calculated in our survey since its
inception in 2005. And, with most cards offering variable rates
that rise with Federal interest rates, there is nowhere to go
but up, as Federal rates are still at an all-time low.
(NOTE:
In pinpointing a single "average" rate, IndexCreditCards.com
attempts to include all of the various rate tiers that card
issuers offer based on an applicant's credit history, as well
as the different rates associated with non-reward versus reward
cards. Consumers with better credit histories can often find
offers well beneath this average, while those with bad credit
histories will likely be offered rates higher than the average.)
Breaking
down the averages further, the average credit card rate for
non-reward consumer credit cards rose slightly this month, up
to 14.75% from 14.67% last month. The
average rate for credit cards offering rewards slipped down
a bit, to 16.94% from its all-time high of 17.09% last month.
While
the averages listed above attempt to take into account the multiple
tiers that many credit card issuers offer, IndexCreditCards.com
also tracks the very lowest listed rates, those reserved for
customers with the very best credit. For the market as a whole,
customers with excellent credit are now seeing an average rate
of 12.34%, good news compared to last month's 12.58%, and more
evidence that excellent-credit consumers still have decent options
in the new credit card rate environment. Breaking that rate
down further, the average rate excellent-credit customers can
expect on non-reward cards remained 11.0% for the third straight
month, while the average excellent-credit customers could expect
on reward credit cards fell to 12.91%, after last month's half-point
jump had taken that number up to 13.25%.
No
changes to the average rates on business credit cards -- the
average rate for non-reward business credit cards remains at
13.39%, while the average rate for business credit cards with
rewards remains at 14.53%.
The
average student credit card rate increased again this month,
although not as dramatically as last month's half-point jump.
The current average credit card rate for student applicants
is 16.00%, up from 15.91% last month and 15.33% back in November.
Financial
institutions represented in the survey include American Express,
Bank of America, Capital One, Chase, Citi, Discover, HSBC, PNC/National
City, Iberia Bank, Simmons National Bank, U.S. Bank, Wells Fargo,
and more.
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