Interest rates on new credit card offers edged slightly lower again this week, according to the CreditCards.com Weekly Credit Card Rate Report, but experts call recent rate declines uncharacteristic of a larger upward trend.
The national average credit card annual percentage rate is comprised of about 95 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed below. Introductory (teaser) rates are not included in the calculation. Among the average APRs in nine card categories, two dipped lower and seven were unchanged.
Recent declines mark the first time since June that the national average has fallen for two consecutive weeks. However, Bank of America’s rate cuts on two cards during that period only brought the average APR down slightly, with experts predicting that the longer-term trend will see rates move higher.
That means cardholders can expect to pay more to borrow on plastic, as banks raise APRs and reduce access to credit to guard against losses associated with high unemployment and increasing regulation.
Source CreditCards.com
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