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Credit Card Rates Up Over Half-Percent Since January 1

by Peter Andrew


Credit Card Rates Up Over Half-Percent Since January 1

Average

credit card rates rose significantly again this week, with the

average credit card rate now having increased by more than one-half

percent since the beginning of the year, according to the weekly

IndexCreditCards.com Credit Card Monitor. A full point increase

by Discover as well as quarter-point increases by several other

issuers helped push the averages up this week.

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

cards jumped to 13.17% this week, up from 13.02% just a week

ago and 12.60% at the beginning of 2006. Credit cards offering

rewards offer an average rate of 14.26%, up from 14.09% last

week and 13.80% at the beginning of the year. Consumers with

the very best credit enjoy rates a bit nicer -- 10.43% for non-reward

cards and 11.73% for reward cards on average. Still, those numbers

are up from 10.07% and 11.38%, respectively, on January 1.

College students who carry balances continue to get hammered

by interest, with the average student credit card rate moving

up to 15.77% this week. This is up from 15.59% last week and

15.18% since the year's beginning.

Who's avoiding rising credit card interest rates? Small business

customers who go for rate over reward. Non-reward business cards

offered an average interest rate of just 11.43% this week, up

only a bit from 11.33% when the year began.

Business

reward cards had a bit of a jump this week, to an average 13.36%

APR from 13.22% last week. However, this average was 13.21%

on January 1, so even business reward cards have risen slowly

thus far.

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 02/10/06 (Modified 05/07/12)


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