Credit Card Rates Continue to Climb
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Average APR inches up to 12.73% Credit card rates continue to slowly inch up, with the average rate for standard, non-reward cards moving up to 12.73% this week, according to the weekly IndexCreditCards.com Credit Card Monitor. The average rate for consumer credit cards with rewards increased to 13.82%. For consumers with the very best credit, these averages are 10.22% and 11.54%, respectively.
The average student credit card rate moved up again this week, to 15.30%. The average student credit card rate has risen a half-point in the last three months.
Business credit card rates remained unchanged for the third straight week, with an average 11.33% rate for standard cards and 13.21% for business reward 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.
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