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New Year Brings Higher Consumer Credit Card Rates

by Peter Andrew

NOTE:

To offer our weekly summary of credit card rates, Credit

Card Monitor, in your publication or on your Web site, please

contact syndicate@indexcreditcards[dot]com.

 


New

Year Brings Higher Consumer Credit Card Rates

Average credit card interest rate rises to 12.63%

Average

consumer credit card rates jumped in all categories this week.

Several card issuers applied increases on their variable-rate

cards, while others repriced cards heading in to the new year,

according to the weekly IndexCreditCards.com Credit Card Monitor.

The average credit card rate for standard, non-reward credit

cards is currently 12.63%, up from 12.58% last week. The average

rate for consumer credit cards with rewards jumped to 13.80%,

from 13.64%. For consumers with the very best credit, these

averages are 10.11% and 11.52%, respectively.

The average student credit card rate jumped to 15.25%, up from

15.18% last week.

Among the changes affecting the averages this week were quarter-point

increases on variable-rate cards from Chase, and changes to

the pricing structure of Wachovia credit cards.

While consumers saw rates continue to rise, business credit

cards were stable, with an average 11.33% rate for standard

cards and 13.21% for business reward credit cards. However,

the average business card interest rate had jumped significantly

the previous week, mainly due to repricing of most Chase business

credit cards.

Financial

institutions represented in the survey include Advanta, American

Express, Bank of America, Capital One, Chase, Citi, Discover,

MBNA, National City, Providian, Pulaski Bank, U.S. Bank, Wachovia,

Wells Fargo and more.

 

Published 01/04/06 (Modified 05/07/12)


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