Consumer Credit Card Rates See Small Decline; Business, Student Rates Up
Consumer Credit Card Rates See Small Decline; Business, Student Rates Up For the first time in 2006, average credit card rates for consumers ticked down, according to the weekly IndexCreditCards.com Credit Card Monitor. On the other hand, students and small businesses fared worse.
The average credit card rate for non-reward consumer credit cards decreased to 14.14%, down just slightly from the previous 14.16%. For those with excellent credit, the average rate decreased to 11.23% from 11.25%.
Consumer reward credit cards also saw a slight decline, with the average APR (Annual Percentage Rate) declining to 15.62% from 15.66%. Those with excellent credit can find an average APR of 13.19% presently, down from 13.23%.
The news is not as good for students, though, as their rates continue to rise. Average student credit card rate: 16.52% (up from 16.46%). After a period of very slight increases early in the year, business credit card rates continue to creep up, although they are still below consumer rates. The average non-reward business credit card rate increased to 12.15% from 12.11%, while the average rate for business credit cards with rewards increased to 14.11%, up from 14.05%.
Financial institutions represented in the survey include Advanta, American Express, Bank of America/MBNA, Capital One, Chase, Citi, Discover, MBNA, National City, Providian, Pulaski Bank, U.S. Bank, Wells Fargo and more.
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