Credit Card Rates Unchanged for First Time in 2006
No news is good news for credit card users this week, as average credit card rates were unchanged for the first time in 2006, according to the weekly IndexCreditCards.com Credit Card Monitor. Unfortunately, the Federal Reserve is expected to raise lending rates again at its March 27th/28th meeting, so variable-rate credit card APRs will be on the upswing again soon.
But for at least one week, rates have stopped rising.
Below are the current credit card rate averages in categories tracked by IndexCreditCards.com:
- Non-reward consumer credit cards: 13.33% average APR (10.58% for consumers with the best credit)
- Reward credit cards for consumers: 14.46% average APR (11.81% for consumers with best credit)
- Non-reward business credit cards: 11.30% average APR
- Reward business credit cards: 13.42% average APR
- Student credit cards: 15.87% average APR
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.
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
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