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Credit Card Rates Resume Upward Climb

by Peter Andrew
Credit Card Rates Resume Upward Climb

After two weeks of steady credit card rates, credit card issuers followed the Federal Reserve Board’s lead and raised lending rates this week, according to the weekly IndexCreditCards.com Credit Card Monitor.

Non-reward consumer credit cards jumped to a 13.40% average APR, up from a 13.33% average. For customers with the best credit card, the average jumped to 10.64%, from 10.58%. Reward credit cards for consumers took a higher jump, thanks to both variable-rate credit card increases and significant repricing on many Capital One cards. This week’s average: 14.75%, up from 14.46% previously. Consumers with the best credit saw average rates jump to 12.23%, from 11.81%. Student credit cards are threatening to break 16%, moving to an average APR of 15.94%, up from 15.87%. Continuing the recent trend, business credit card rates saw only a minor increase. The average rate for non-reward business credit cards moved to 11.33% from 11.30%, while reward business credit cards averaged 13.44%, up from 13.42%.

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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