Consumer Credit Card Rates Steady, Business Rates Jump
Consumer Credit Card Rates Steady, Business Rates Jump Average consumer interest rate remains at 12.58% Consumer credit card rate averages were unchanged this week, while business credit cards saw a jump, mainly due to increases on Chase business cards.
- The average credit card rate for non-reward credit cards remained at 12.58%. For consumers with the very best credit, platinum-level credit cards offered an average interest rate of 10.07 APR.
Business credit cards saw averages jump more significantly:
- The average credit card rate for non-reward business credit cards jumped to 11.33% from a 10.58% last week. Chase, which had been offering a number of business credit cards at rates as low as 7.99%, bumped up rates, with these same cards offering a best rate of 10.99%. As Chase is a major issuer of business credit cards, this change made an immediate impact on the industry average.
- Average interest rates on business credit cards offering rewards also jumped this week, to 13.21% from 12.81%, also impacted strongly by rate changes at Chase.
“A quiet week for consumer cards, as many rate changes went nto effect last week,” says Justin McHenry, Research Director for IndexCreditCards.com. “Business credit card customers, on the other hand, found that some very good low-rate deals are no longer available.”
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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