Credit Card Rates Continue Slow Rise
Credit Card Rates Continue Slow Rise Credit card rates continue to move skyward, although at a slower pace than earlier this year, according to the weekly IndexCreditCards.com Credit Card Monitor.
The average interest rate for consumer credit cards with no rewards increased to 13.98% this week, up from 13.95% previously. (For those with excellent credit, the average rate increased to 11.08%, from 11.04%.) The average reward credit card rate rose at a faster pace, up to 15.41% from 15.35%. For those with excellent credit, the average rate increased to an even 13 percent, from 12.94% previously. Student rates inched up as well, to an average rate of 16.21%, up from 16.17% previously. While business credit cards are still offering lower rates than consumer cards, the averages are rising faster in recent weeks. The average non-reward business credit card rate jumped to 11.74% this week, up from 11.55% previously, while business credit cards with rewards jumped to an average rate of 13.71%, from 13.62%.
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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