Consumer Credit Card Rates Down Slightly
While average rates on consumer credit cards haven’t moved much recently, there has been a slight decrease as a few card companies tweak their offerings. According to this week’s IndexCreditCards.com Credit Card Monitor, rates have fallen for both non-reward and reward consumer credit cards.
The average credit card rate for non-reward consumer credit cards decreased to 14.10% from its previous 14.14%. For those with excellent credit, the average rate fell to 11.18% from 11.23%. The average consumer reward card rate fell to 15.59%, from the previous 15.62%. Those with the highest credit scores can expect an average rate of 13.13% on reward cards, down from 13.19% previously.
The biggest driver of these interest rate changes were new pricing from Capital One and Bank of America’s ongoing tinkering as it melds MBNA into its business.
Unfortunately the news isn’t as good for students. The average student credit card rate continues to rise, up to 16.59% this week, from 16.54% previously.
Same story for business customers, who had seen rates hold steady earlier in the year while consumer rates were on the upswing. The average non-reward business credit card rate stands at 12.21%, up slightly from 12.18%, while the average rate for business reward cards increased to 14.19%, from 14.16% previously.
Financial institutions represented in the survey include Advanta, American Express, Bank of America/MBNA, Capital One, Chase, Citi, Discover, National City, Providian, Pulaski Bank, U.S. Bank, Wells Fargo and more.
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1.Discover® More Card - 0% APR on balance transfers for 12 months & 6 months on purchases, 5% cashback bonus in popular categories, up to 1% cashback bonus on all other purchases
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2.Chase Freedom Card - 0% Intro APR and no Annual Fee, 5% bonus cash back in popular categories , 1% cash bank on everything else
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3.Citi® Platinum Select® MasterCard® - 0% on purchases & balance transfers for Up to 18 months, APR as low as 9.99% variable. $30 statement credit.
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4.Blue Cash® from American Express - Earn up to 5% cash back on gas, groceries and drug store purchases, and up to 1.5% back on all other purchases, no annual fee, fast approval under 60 seconds
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6.American Express® Gold Card - 10,000 American Express Membership Rewards bonus points when you use the card for at least $500 in purchases within the first 3 months.
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7.TrueEarnings® Business Card from Costco & American Express - 4% cash back for annual gas purchases up to $6,000, 3% restaurants, 2% travel, 1% everywhere else, 0% APR on purchases for first 6 months
