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Consumer Credit Card Rates See Small Decline; Business, Student Rates Up

by Peter Andrew


Consumer Credit Card Rates See Small Decline; Business, Student

Rates Up

For the first time in 2006, average credit

card rates for consumers ticked down, according to the weekly

IndexCreditCards.com Credit Card Monitor. On the other hand,

students and small businesses fared worse.

The average credit card rate for non-reward consumer credit

cards decreased to 14.14%, down just slightly from the previous

14.16%. For those with excellent credit, the average rate decreased

to 11.23% from 11.25%.

Consumer

reward credit cards also saw a slight decline, with the average

APR (Annual Percentage Rate) declining to 15.62% from 15.66%.

Those with excellent credit can find an average APR of 13.19%

presently, down from 13.23%.

The

news is not as good for students, though, as their rates continue

to rise. Average student credit card rate: 16.52% (up from 16.46%).

After

a period of very slight increases early in the year, business

credit card rates continue to creep up, although they are still

below consumer rates. The average non-reward business credit

card rate increased to 12.15% from 12.11%, while the average

rate for business credit cards with rewards increased to 14.11%,

up from 14.05%.

Financial institutions represented in the survey include Advanta,

American Express, Bank of America/MBNA, Capital One, Chase,

Citi, Discover, MBNA, National City, Providian, Pulaski Bank,

U.S. Bank, Wells Fargo and more.

Published 08/31/06 (Modified 05/07/12)


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