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Credit Card Rates Stable for First Time in Nine Weeks

by Peter Andrew

NOTE:

To offer our weekly summary of credit card rates, Credit

Card Monitor, in your publication or on your Web site, please

contact syndicate@indexcreditcards[dot]com.

 


Credit Card Rates

Stable for First Time in Nine Weeks

For

the first time in nine weeks, average credit card rates stayed

the same, according to the IndexCreditCards.com weekly Credit

Card Monitor.

"Top-level"

consumer credit cards averaged a 9.97% Annual Percentage Rate

(APR), while consumer reward credit cards offered an average

11.27% APR. (IndexCreditCards.com uses "top-level" to describe

Platinum or similarly designated credit cards that generally

offer the lowest interest rates to eligible cardholders.)

Business

credit card rates held steady for the third straight week, at

an average 9.99% APR for top-level business cards and an average

11.74% for business reward cards.

Average student credit card rates remained at an average 15.03%,

after crossing the 15% line last week.

"While

it's good to finally have a week without rate increases, this

won't last," says Adam Jusko, Research Director for IndexCreditCards.com.

"The Federal Reserve is likely to raise interest rates at next

week's meeting [December 13th], meaning the rates on variable-rate

credit cards will probably rise again soon."

Variable-rate credit cards offer interest rates based on a formula

that includes a base rate plus a percentage tied to federal

lending rates. When federal rates move up, as they are doing

now, credit card rates follow.

"As

always, our averages are based on the best rates published by

credit card issuers," says Jusko. "If your credit is not top-notch,

expect rates about 2% higher than those quoted here. If your

credit is poor, obviously your rates may be even higher."

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 12/07/05 (Modified 05/07/12)


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