Credit Card Rates Inch Up Again
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Average APR increases to 12.71% Credit card rate changes were few this week, but the ones that came were to the upside, pushing the average credit card rate to 12.71%, according to the weekly IndexCreditCards.com Credit Card Monitor. This rate refers to standard, non-reward credit cards. The average rate for consumer credit cards with rewards remained at 13.80%, after a significant jump last week. For consumers with the very best credit, these averages are 10.20% and 11.52%, respectively.
The average student credit card rate moved up again this week, to 15.28%, from 15.25% last week. Business credit card rates remained unchanged for the second week in a row, with an average 11.33% rate for standard cards and 13.21% for business reward credit cards. Financial institutions represented in the survey include Advanta, American Express, Bank of America, Capital One, Chase, Citi, Discover, MBNA, National City, Providian, Pulaski Bank, U.S. Bank, Wachovia, Wells Fargo and more.
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