A Look at Credit Card Rates Across Banks

A Look at Credit Card Rates Across Banks Credit card rates used to closely track the prime rate, but they don't any more. Card issuers, for a variety Credit Card Rates Historic 21.04% of reasons, hang on to more of the spread between the rate they pay for funds and the rates they charge. It's one of many ways card issuers have raised costs for consumers in the face of declining revenues largely due to the recession and increased regulation. 20% 14.35% 15% 12.11% 10% National Average Prime Rate 3.25% 5% I Bad Credit Low Interest Rate 2007 2008 2009 2010 Total cards in circulation in U.S. Visa (Debit) Visa (Credit) MasterCard (Credit) 270.1 million 382 million 203 million 22 % in circulation 11 % in circulation 18 % in circulation MasterCard (Debit) Discover (Credit) American press 54.4 million 48.9 million 125 million 1 % in circulation Total Debit Cards: 507 million Total 576.4 million Credit Cards: Facts About Interest rates/APRS Interest is what you pay to borrow money or the payment that is made to you for the lending of your money. The amount of interest that you pay is computed as a percentage of the principal amount borrowed. This percentage rate can range from zero up to the maximum rate allowed by law in a particular locale. 93% 36% 72% 14.10% 14.67% of cards included offers of low promotional rates which issuers Average APR on credit card with a balance on it of cards allowed of respondents said they didn't know the Average APR on new credit card offer. the issuer to raise any interest rate at any time by changing the interest rate on the card they use most often. could revoke account after a single late agreement. payment. Source: CreditCards.com CREDITSCORE Information provided by: http://www.creditscore.net A Look at Credit Card Rates Across Banks Credit card rates used to closely track the prime rate, but they don't any more. Card issuers, for a variety Credit Card Rates Historic 21.04% of reasons, hang on to more of the spread between the rate they pay for funds and the rates they charge. It's one of many ways card issuers have raised costs for consumers in the face of declining revenues largely due to the recession and increased regulation. 20% 14.35% 15% 12.11% 10% National Average Prime Rate 3.25% 5% I Bad Credit Low Interest Rate 2007 2008 2009 2010 Total cards in circulation in U.S. Visa (Debit) Visa (Credit) MasterCard (Credit) 270.1 million 382 million 203 million 22 % in circulation 11 % in circulation 18 % in circulation MasterCard (Debit) Discover (Credit) American press 54.4 million 48.9 million 125 million 6 % 9 % . 1 % in circulation Total Debit Cards: 507 million Total 576.4 million Credit Cards: Facts About Interest rates/APRS Interest is what you pay to borrow money or the payment that is made to you for the lending of your money. The amount of interest that you pay is computed as a percentage of the principal amount borrowed. This percentage rate can range from zero up to the maximum rate allowed by law in a particular locale. 93% 36% 72% 14.10% 14.67% of cards included offers of low promotional rates which issuers Average APR on credit card with a balance on it of cards allowed of respondents said they didn't know the Average APR on new credit card offer. the issuer to raise any interest rate at any time by changing the interest rate on the card they use most often. could revoke асcount after a single late agreement. payment. Source: CreditCards.com CREDITSCORE Information provided by: http://www.creditscore.net A Look at Credit Card Rates Across Banks Credit card rates used to closely track the prime rate, but they don't any more. Card issuers, for a variety Credit Card Rates Historic 21.04% of reasons, hang on to more of the spread between the rate they pay for funds and the rates they charge. It's one of many ways card issuers have raised costs for consumers in the face of declining revenues largely due to the recession and increased regulation. 20% 14.35% 15% 12.11% 10% National Average Prime Rate 3.25% 5% I Bad Credit Low Interest Rate 2007 2008 2009 2010 Total cards in circulation in U.S. Visa (Debit) Visa (Credit) MasterCard (Credit) 270.1 million 382 million 203 million 22 % in circulation 11 % in circulation 18 % in circulation MasterCard (Debit) Discover (Credit) American press 54.4 million 48.9 million 125 million 6 % 9 % . 1 % in circulation Total Debit Cards: 507 million Total 576.4 million Credit Cards: Facts About Interest rates/APRS Interest is what you pay to borrow money or the payment that is made to you for the lending of your money. The amount of interest that you pay is computed as a percentage of the principal amount borrowed. This percentage rate can range from zero up to the maximum rate allowed by law in a particular locale. 93% 36% 72% 14.10% 14.67% of cards included offers of low promotional rates which issuers Average APR on credit card with a balance on it of cards allowed of respondents said they didn't know the Average APR on new credit card offer. the issuer to raise any interest rate at any time by changing the interest rate on the card they use most often. could revoke асcount after a single late agreement. payment. Source: CreditCards.com CREDITSCORE Information provided by: http://www.creditscore.net A Look at Credit Card Rates Across Banks Credit card rates used to closely track the prime rate, but they don't any more. Card issuers, for a variety Credit Card Rates Historic 21.04% of reasons, hang on to more of the spread between the rate they pay for funds and the rates they charge. It's one of many ways card issuers have raised costs for consumers in the face of declining revenues largely due to the recession and increased regulation. 20% 14.35% 15% 12.11% 10% National Average Prime Rate 3.25% 5% I Bad Credit Low Interest Rate 2007 2008 2009 2010 Total cards in circulation in U.S. Visa (Debit) Visa (Credit) MasterCard (Credit) 270.1 million 382 million 203 million 22 % in circulation 11 % in circulation 18 % in circulation MasterCard (Debit) Discover (Credit) American press 54.4 million 48.9 million 125 million 6 % 9 % . 1 % in circulation Total Debit Cards: 507 million Total 576.4 million Credit Cards: Facts About Interest rates/APRS Interest is what you pay to borrow money or the payment that is made to you for the lending of your money. The amount of interest that you pay is computed as a percentage of the principal amount borrowed. This percentage rate can range from zero up to the maximum rate allowed by law in a particular locale. 93% 36% 72% 14.10% 14.67% of cards included offers of low promotional rates which issuers Average APR on credit card with a balance on it of cards allowed of respondents said they didn't know the Average APR on new credit card offer. the issuer to raise any interest rate at any time by changing the interest rate on the card they use most often. could revoke асcount after a single late agreement. payment. Source: CreditCards.com CREDITSCORE Information provided by: http://www.creditscore.net A Look at Credit Card Rates Across Banks Credit card rates used to closely track the prime rate, but they don't any more. Card issuers, for a variety Credit Card Rates Historic 21.04% of reasons, hang on to more of the spread between the rate they pay for funds and the rates they charge. It's one of many ways card issuers have raised costs for consumers in the face of declining revenues largely due to the recession and increased regulation. 20% 14.35% 15% 12.11% 10% National Average Prime Rate 3.25% 5% I Bad Credit Low Interest Rate 2007 2008 2009 2010 Total cards in circulation in U.S. Visa (Debit) Visa (Credit) MasterCard (Credit) 270.1 million 382 million 203 million 22 % in circulation 11 % in circulation 18 % in circulation MasterCard (Debit) Discover (Credit) American press 54.4 million 48.9 million 125 million 6 % 9 % . 1 % in circulation Total Debit Cards: 507 million Total 576.4 million Credit Cards: Facts About Interest rates/APRS Interest is what you pay to borrow money or the payment that is made to you for the lending of your money. The amount of interest that you pay is computed as a percentage of the principal amount borrowed. This percentage rate can range from zero up to the maximum rate allowed by law in a particular locale. 93% 36% 72% 14.10% 14.67% of cards included offers of low promotional rates which issuers Average APR on credit card with a balance on it of cards allowed of respondents said they didn't know the Average APR on new credit card offer. the issuer to raise any interest rate at any time by changing the interest rate on the card they use most often. could revoke асcount after a single late agreement. payment. Source: CreditCards.com CREDITSCORE Information provided by: http://www.creditscore.net A Look at Credit Card Rates Across Banks Credit card rates used to closely track the prime rate, but they don't any more. Card issuers, for a variety Credit Card Rates Historic 21.04% of reasons, hang on to more of the spread between the rate they pay for funds and the rates they charge. It's one of many ways card issuers have raised costs for consumers in the face of declining revenues largely due to the recession and increased regulation. 20% 14.35% 15% 12.11% 10% National Average Prime Rate 3.25% 5% I Bad Credit Low Interest Rate 2007 2008 2009 2010 Total cards in circulation in U.S. Visa (Debit) Visa (Credit) MasterCard (Credit) 270.1 million 382 million 203 million 22 % in circulation 11 % in circulation 18 % in circulation MasterCard (Debit) Discover (Credit) American press 54.4 million 48.9 million 125 million 6 % 9 % . 1 % in circulation Total Debit Cards: 507 million Total 576.4 million Credit Cards: Facts About Interest rates/APRS Interest is what you pay to borrow money or the payment that is made to you for the lending of your money. The amount of interest that you pay is computed as a percentage of the principal amount borrowed. This percentage rate can range from zero up to the maximum rate allowed by law in a particular locale. 93% 36% 72% 14.10% 14.67% of cards included offers of low promotional rates which issuers Average APR on credit card with a balance on it of cards allowed of respondents said they didn't know the Average APR on new credit card offer. the issuer to raise any interest rate at any time by changing the interest rate on the card they use most often. could revoke асcount after a single late agreement. payment. Source: CreditCards.com CREDITSCORE Information provided by: http://www.creditscore.net A Look at Credit Card Rates Across Banks Credit card rates used to closely track the prime rate, but they don't any more. Card issuers, for a variety Credit Card Rates Historic 21.04% of reasons, hang on to more of the spread between the rate they pay for funds and the rates they charge. It's one of many ways card issuers have raised costs for consumers in the face of declining revenues largely due to the recession and increased regulation. 20% 14.35% 15% 12.11% 10% National Average Prime Rate 3.25% 5% I Bad Credit Low Interest Rate 2007 2008 2009 2010 Total cards in circulation in U.S. Visa (Debit) Visa (Credit) MasterCard (Credit) 270.1 million 382 million 203 million 22 % in circulation 11 % in circulation 18 % in circulation MasterCard (Debit) Discover (Credit) American press 54.4 million 48.9 million 125 million 6 % 9 % . 1 % in circulation Total Debit Cards: 507 million Total 576.4 million Credit Cards: Facts About Interest rates/APRS Interest is what you pay to borrow money or the payment that is made to you for the lending of your money. The amount of interest that you pay is computed as a percentage of the principal amount borrowed. This percentage rate can range from zero up to the maximum rate allowed by law in a particular locale. 93% 36% 72% 14.10% 14.67% of cards included offers of low promotional rates which issuers Average APR on credit card with a balance on it of cards allowed of respondents said they didn't know the Average APR on new credit card offer. the issuer to raise any interest rate at any time by changing the interest rate on the card they use most often. could revoke асcount after a single late agreement. payment. Source: CreditCards.com CREDITSCORE Information provided by: http://www.creditscore.net