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June
12, 2006
Credit Card Rates Continue Slow Rise
Credit card rates continue to move skyward,
although at a slower pace than earlier this year, according
to the weekly IndexCreditCards.com Credit Card Monitor.
The average interest rate for consumer credit cards with no
rewards increased to 13.98% this week, up from 13.95% previously.
(For those with excellent credit, the average rate increased
to 11.08%, from 11.04%.)
The
average reward credit card rate rose at a faster pace, up to
15.41% from 15.35%. For those with excellent credit, the average
rate increased to an even 13 percent, from 12.94% previously.
Student
rates inched up as well, to an average rate of 16.21%, up from
16.17% previously.
While
business credit cards are still offering lower rates than consumer
cards, the averages are rising faster in recent weeks. The average
non-reward business credit card rate jumped to 11.74% this week,
up from 11.55% previously, while business credit cards with
rewards jumped to an average rate of 13.71%, from 13.62%.
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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