Weekly Credit Card Rate Report

by Mercator Advisory Group 0

Credit card rates are drifting a bit lower, thanks to some repricing by Wells Fargo. According to the creditcards.com weekly survey of the top 100 card programs, the national average interest rate was 14.83 percent, down 2 BP, but still up 9 BP from six months ago. Wells Fargo’s repricing focused on its rewards cards:

Wells Fargo pared down the low end of the APR range offered for its Cash Back and Rewards cards, sending the national APR average downward to 14.83 percent. Both cards carried an APR range of 12.15 percent to 22.15 percent before the movement. Those ranges were tweaked to 11.15 percent to 23.15 percent.

Card APRs rose significantly in 2009 in the wake of the CARD Act reforms, but have stabilized in the last 12-18 months.

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