Credit Card Rates Mostly Unchanged As Fed Keeps Interest Rates Steady
Average credit card rates continue to hold fairly steady, as the Federal Reserve Board voted again yesterday to hold the line on further rate increases. It was the second straight meeting without a hike after more than a year of steady bumps by the Fed.
The average credit card rate for non-reward consumer credit cards remains at 14.14%. For those with excellent credit, the average rate stands at 11.23%.
Consumer reward card rates held steady as well, at 15.62%. For folks with excellent credit, this rate stands at 13.19%.
Student credit card rates did take a small hit, increasing to 16.54% in our survey, up from 16.52%.
Business credit card rates also increased slightly. Non-reward business credit cards now have an average interest rate of 12.18%, up from 12.15%. Business reward cards moved up even more, to 14.16% from 14.11%.
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.