Credit Card Rates Remain Relatively Steady
No news is good news for consumers, as credit card rates continue to stay fairly steady as we near year-end. According to this week’s IndexCreditCards.com Credit Card Monitor, rates are still relatively close to where they were in mid-summer.
The average credit card rate for non-reward consumer credit cards stands at 14.15%, up slightly from 14.10% previously but still almost equal to the 14.16% average of July. The average consumer reward card rate is 15.58%, actually a slight decrease from the 15.62% seen in July and consistent with more recent reports.
These 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 10.94% for non-reward credit cards and 13.14% for rewards credit cards.
Students haven’t been quite as fortunate; their rates continue to slowly climb. The average student credit card rate stands at 16.61%, up from 16.41% just four months ago.
Business credit cards continue to offer the lowest rates for good credit customers, but the rates have been rising in recent months. The average rate for non-reward small business cards stands at 12.24%, while the average rate for rewards business cards is 14.21%. These numbers were 12.08% and 13.99%, respectively, in mid-July.
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
