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Credit Card Rates Resume Upward Climb

by Peter Andrew


Credit Card Rates Resume Upward Climb

After two weeks of steady credit card rates,

credit card issuers followed the Federal Reserve Board's lead

and raised lending rates this week, according to the weekly

IndexCreditCards.com Credit Card Monitor.

Non-reward consumer credit cards jumped to a 13.40% average

APR, up from a 13.33% average. For customers with the best credit

card, the average jumped to 10.64%, from 10.58%.

Reward

credit cards for consumers took a higher jump, thanks to both

variable-rate credit card increases and significant repricing

on many Capital One cards. This week's average: 14.75%, up from

14.46% previously. Consumers with the best credit saw average

rates jump to 12.23%, from 11.81%.

Student

credit cards are threatening to break 16%, moving to an average

APR of 15.94%, up from 15.87%.

Continuing

the recent trend, business credit card rates saw only a minor

increase. The average rate for non-reward business credit cards

moved to 11.33% from 11.30%, while reward

business credit cards averaged 13.44%, up from 13.42%.

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 04/03/06 (Modified 05/07/12)


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