Consumer Payment Card News

Credit Card APRs

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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