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Average Credit Card Rate Tops 14% After Latest Fed Rate Increase

by Peter Andrew


Average Credit Card Rate Tops 14% After Latest Fed Rate Increase

The average consumer credit card rate jumped

to 14.03% this week after yet another Federal Reserve quarter-point

interest rate hike, according to the weekly IndexCreditCards.com

Credit Card Monitor.

The 14.03% average rate on non-reward consumer credit cards

is an increase from last week's 13.98%. The average rate when

2006 began was 12.60%. (For those with excellent credit, the

current average rate is 11.11%, up from 11.08% last week.)

The

average reward credit card rate jumped as well, up to 15.53%

from 15.44%. This rate was at 13.64% when 2006 began. For those

with excellent credit, the average rate jumped to 13.10%, up

from 13.02.

The

average student credit card rate also took a big leap, from

16.21% to 16.31%.

Business

credit cards increased even more. The average non-reward business

credit card rate increased to 11.96% from 11.80%, and the average

rate for business credit cards with rewards increased to 13.86%,

up from 13.74%.

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 07/03/06 (Modified 05/07/12)


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