Credit Card Interest Rates Highest in 4 Years

Thursday, 13 Oct 2011 08:55 AM

By Greg McDonald

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Interest rates on new credit card offers hit 15 percent this week for the first time since CreditCards.com started tracking the national average on a weekly basis four years ago.
 
The national average had stood at just under 15 percent for the previous two weeks, according to the website’s Weekly Credit Card Rate Report, which also listed the lowest rates found for the previous two weeks at 10.73 percent.
 
The average rate is composed by surveying 100 of the most popular credit cards in the country, including those offered by leading U.S. financial institutions and other issuers.
 
The average covers every card category, but does not include “teaser” — or introductory — rates, used to lure consumers into rolling over debts from other cards or signing up for the first time.
 
CreditCards.com is an online service that helps consumers figure out what type of credit cards may be best for them by comparing information on rates, rewards, and other offerings.

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