Lending Club Blog

Consumer Credit Card Rates Rising Sharply This Year

As recently reported by indexcreditcards.com, so far 2009 has shown that credit card companies are markedly on the rise across all consumer sectors, a trend that all borrowers should be aware of. Check out these fresh weekly stats as gathered via a survey of several major banks including American Express, Capital One, Wells Fargo and others:

  • Average consumer credit card rate, overall market: 14.17%
  • Average credit card rate, non-reward consumer cards: 12.80%
  • Average reward credit card rate: 14.76%
  • Average student credit card rate: 14.15%
  • Average business credit card rate (non-reward): 11.77%
  • Average business reward credit card rate: 12.84%

It’s important to note that these are taking effect across the credit spectrum, as the data also reflects changes in

“the very lowest listed rates, those reserved for customers with the very best credit. This week those averages were also up, to 11.21% for the market as a whole (previously 10.84%), with a 9.77% average for non-reward cards (previously 9.29%) and a 11.83% average for consumer cards with rewards (previously 11.50%).”

Clearly, there’s never been a better time for those with good credit to explore alternative ways to borrow money.

Tuesday, April 21st, 2009 at 10:40 am

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