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July
20, 2006
Credit Card Interest Rates Continue to Climb
Interest rates are up all over, and credit
cards are no exception. The average consumer credit card rate
jumped again this week, to 14.16% as more variable-rate cards
applied a quarter-point hike in keeping with the Federal Reserve's
rate schedule.
The 14.16% average rate on non-reward consumer credit cards
is an increase from last week's 14.03%. (For those with excellent
credit, the average rate jumped to 11.25% from 11.11%.)
The
average reward credit card rate jumped as well, up to 15.66%
from 15.53%. For those with excellent credit, the average rate
jumped to 13.23% from 13.10%.
Students
applying for new credit cards are finding fewer and fewer inexpensive
options. The average student credit card rate increased to 16.41%,
up from 16.31%.
Business
credit card rates also continue to climb. The average non-reward
business credit card rate increased to 12.08%, up from 11.96%,
while the average rate for business credit cards with rewards
increased to 13.99%, up from 13.86%.
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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