Top Level Credit Card Rates Remain Below 10 Percent
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Credit Card Rates Remain Below 10 Percent
Rise in Interest
Rates Has Little Effect on Consumers and Small Businesses with
several banks raised rates on their variable interest credit
cards to coincide with the hike in federal interest rates, consumers
and small business owners with good credit can still find rates
averaging below ten percent.
consumer credit cards averaged a 9.51% Annual Percentage Rate
(APR) in our weekly Credit Card Monitor survey. The lowest rate
found for consumer credit cards without an annual fee was the
Capital One PrimeLock card, offering a 6.00% APR.
business credit cards averaged a 9.87% Annual Percentage Rate.
The lowest rate for business credit cards with no annual fee
was the Advanta Platinum BusinessCard, offering a 7.99% APR
and a program with travel or cash back rewards.
IndexCreditCards.com uses ?top-level” to describe Platinum or
similarly designated credit cards that generally offer the lowest
interest rates to eligible cardholders.
averages are based on the best rates published by the credit
card issuers,? cautions Adam Jusko, Research Director for
IndexCreditCards.com. ?Consumers or businesses with excellent
credit can expect to find cards at these rates, but those with
shakier credit histories may be offered higher rates. If you
don?t have top quality credit, add 2% to these averages as a
rule of thumb in determining your probable rate.?
IndexCreditCards.com also surveys rates of reward credit cards
for consumers and businesses, as well as student credit cards.
Those averages include:
cards for consumers averaged a 10.75% APR. The lowest APR
in this group belonged to the MBNA Rewards American Express
Card at 7.9%.
cards for businesses had an average interest rate of 11.31%.
The Advanta Platinum BusinessCard referenced above was the
lowest rate offered at 7.99%.
credit cards averaged a 14.72% APR, with the Wachovia Student
Visa offering the best APR at 9.99%. Student credit cards
generally offer higher interest rates than basic consumer
credit cards due to students? lack of credit history.
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, and Wells Fargo.
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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