Credit Card Rates Steady as Fed Applies Brakes
No changes to average credit card rates this week, as the Federal Reserve’s decision to stand pat on interest rates is good news for most cardholders. The average credit card rate remains at 14.16%.
The 14.16% average rate relates to non-reward consumer credit cards. The average credit card rate for consumer reward cards remains at 15.66%. (For those with excellent credit, the average rates are 11.25% and 13.23%, respectively.)
The average student credit card rate is 16.46%. The average non-reward business credit card rate stands at 12.11%, while the average rate for business credit cards with rewards is 14.05%.
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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