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Consumer Credit Card Rates Steady, Business Rates Jump

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.

 


Consumer Credit Card Rates Steady, Business Rates Jump

Average consumer interest rate remains at 12.58%

Consumer

credit card rate averages were unchanged this week, while business

credit cards saw a jump, mainly due to increases on Chase business

cards.

Consumer

rate averages:

  • The average

    credit card rate for non-reward credit cards remained at 12.58%.

    For consumers with the very best credit, platinum-level credit

    cards offered an average interest rate of 10.07%.

  • Consumer

    credit cards offering rewards remained at an average 13.64%

    APR.

  • The average

    student credit card rate is 15.18% this week, a slight increase

    from last week's 15.13%.

Business

credit cards saw averages jump more significantly:

  • The average

    credit card rate for non-reward business credit cards jumped

    to 11.33% from a 10.58% last week. Chase, which had been offering

    a number of business credit cards at rates as low as 7.99%,

    bumped up rates, with these same cards offering a best rate

    of 10.99%. As Chase is a major issuer of business credit cards,

    this change made an immediate impact on the industry average.

  • Average

    interest rates on business credit cards offering rewards also

    jumped this week, to 13.21% from 12.81%, also impacted strongly

    by rate changes at Chase.

"A quiet week for consumer cards, as many rate changes went

into effect last week," says Justin McHenry, Research Director

for IndexCreditCards.com. "Business credit card customers, on

the other hand, found that some very good low-rate deals are

no longer available."

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 12/29/05 (Modified 05/07/12)


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