Credit Card Rates Inch Up, But Not A Trend
While this week’s IndexCreditCards.com Credit Card Monitor recorded a slight increase in credit card rates in some categories, the changes were hardly enough to be called a trend.
The average credit card rate for non-reward consumer credit cards increased to 14.21%, from 14.15%. The average consumer reward card rate remained at 15.58%. Neither of these numbers are much of a departure from those seen six months ago.
Those rates indicate what an “average credit” consumer could expect to be offered, but those with excellent credit are usually offered better rates. For consumers with excellent credit, the average credit card rate stands at 11.02% for non-reward credit cards and 13.14% for rewards credit cards.
Student rates have moved up more significantly, now up to an average APR of 16.64%. This is a full quarter-point higher than the 16.41% average of July.
Business credit card rates also moved up ever so slightly, but again not enough to be worthy of close inspection. The average rate for non-reward small business cards stands at 12.27%, while the average rate for rewards business cards is 14.22%.
Financial institutions represented in the survey include Advanta, American Express, Bank of America, Capital One, Chase, Citi, Discover, National City, Pulaski Bank, U.S. Bank, Washington Mutual, Wells Fargo and more.
