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.
-
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
-
2.Chase Freedom Card - 0% Intro APR and no Annual Fee, 5% bonus cash back in popular categories , 1% cash bank on everything else
-
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.
-
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
-
5. -
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.
-
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
