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Credit Card Interest Rates Continue to Climb

by Peter Andrew


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.

Published 07/20/06 (Modified 05/07/12)


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