Payment Card News

Credit Card APRs

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Over the past two years the prime rate has been chopped in half but interest rates on bank credit cards have declined less than 8%. In March 2001, the average credit card interest rate was 16.16%, and the prime rate was 8.50%. This month, the prime rate continues to stand at 4.25%, while the average credit card interest rate is now 14.87%. The average credit card interest rate one year ago was 14.42%. It has been edging up as more consumers bump into punitive interest rates as high as 29.99%. Meanwhile, introductory interest rates continue to hang in the low single digits, with many 0% rates offered.

Average Credit Card Interest Rates
Jan 01: 16.49%
Feb 01: 16.31%
Mar 01: 16.16%
Apr 01: 15.91%
May 01: 15.83%
Jun 01: 15.43%
Jul 01: 15.02%
Aug 01: 14.98%
Sep 01: 14.81%
Oct 01: 14.48%
Nov 01: 14.41%
Dec 01: 14.32%

Jan 02: 14.33%
Feb 02: 14.38%
Mar 02: 14.42%
Apr 02: 14.54%
May 02: 14.60%
Jun 02: 14.62%
Jul 02: 14.65%
Aug 02: 14.70%
Sep 02: 14.71%
Oct 02: 14.74%
Nov 02: 14.78%
Dec 02: 14.81%

Jan 03: 14.81%
Feb 03: 14.85%
Mar 03: 14.87%

Source: CardWeb.com, Inc.

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