Daily Archives: 09/15/2010

Average Card APRs Eek up M/M, sit at 14.15%

Core credit card interest rates have been rising and will likely rise higher by early next year. At the start of the recession average credit card APRs hovered around 16%, dropping to a rock bottom 12.64% earlier this year. Over the past 8 months since, rates have been steadily increasing and for the month of September sit at an average of 14.15%, compared to 14.12% last month. According to CardTrak, average credit card APRs declined from 16.02% in December 2007 (recession start) to 14.55% in September 2008 (credit crunch) to sit where they are now. Moreover, purchase rates are up nearly 20%; balance transfer fee maximums have increased almost 34% (from a maximum average of $94 in January to maximum average of $126 in July); and issuers that have changed their rates the least include American Express and Bank of America while the issuers that have increased rates the most are Capital One, US Bank, Discover and Citi.

CREDIT CARD APRS
Aug 08: 14.77%
Sep 08: 14.68%
Oct 08: 14.55%
Nov 08: 14.37%
Dec 08: 14.17%
Jan 09: 14.11%
Feb 09: 13.98%
Mar 09: 13.96%
Apr 09: 13.96%
May 09: 13.99%
Jun 09: 14.01%
Jul 09: 14.12%
Aug 09: 14.39%
Sep 09: 13.99%
Oct 09: 13.89%
Nov 09: 13.01%
Dec 09: 12.87%
Jan 10: 12.64%
Feb 10: 12.64%
Mar 10: 12.94%
Apr 10: 13.11%
May 10: 13.65%
Jun 10: 13.99%
Jul 10: 14.10%
Aug 10: 14.12%
Sep 10: 14.15%
Source: CardTrak.com