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Credit Card Interest Rates Continue to Climb

by Peter Andrew
Credit Card Interest Rates Continue to Climb

Interest rates are up all over, and credit cards are no exception. The average consumer credit card rate jumped again this week, to 14.16% as more variable-rate cards applied a quarter-point hike in keeping with the Federal Reserve’s rate schedule.
The 14.16% average rate on non-reward consumer credit cards is an increase from last week’s 14.03%. (For those with excellent credit, the average rate jumped to 11.25% from 11.11%.)

The average reward credit card rate jumped as well, up to 15.66% from 15.53%. For those with excellent credit, the average rate jumped to 13.23% from 13.10%. Students applying for new credit cards are finding fewer and fewer inexpensive options. The average student credit card rate increased to 16.41%, up from 16.31%.

Business credit card rates also continue to climb. The average non-reward business credit card rate increased to 12.08%, up from 11.96%, while the average rate for business credit cards with rewards increased to 13.99%, up from 13.86%.
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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