Credit Card Rates Steady as Fed Applies Brakes
Credit Card Rates Steady as Fed Applies Brakes
No changes to average credit card rates this
week, as the Federal Reserve’s decision to stand pat on interest
rates is good news for most cardholders. The average credit
card rate remains at 14.16%.
The 14.16% average rate relates to non-reward consumer credit
cards. The average credit card rate for consumer reward cards
remains at 15.66%. (For those with excellent credit, the average
rates are 11.25% and 13.23%, respectively.)
The
average student credit card rate is 16.46%.
The
average non-reward business credit card rate stands at 12.11%,
while the average rate for business credit cards with rewards
is 14.05%.
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.
