Credit Card Rates Continue Slow Rise

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.

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