Consumer credit cards experience a drop in the interest rates
One of the good news for customers today is the fact that the interest rates on consumer credit cards have seen a fall in recent times. In the first two months of July 2011, there was a decline in the interest rates on both rewards and non-rewards credit cards. Though both segments saw a decline, the reason for the drop in each segment was for a different reason.
The average rate of interest on non-rewards credit cards that stood at 15.09% before July fell to just 14.88% this month. This change was not because of any change in the interest rates for all cards in this category, but only because of the change made to the APR of credit cards that were a part of some of the recent surveys.
In the rewards credit card segment, the average rate of interest dropped to 17.09% in the month of July as compared to 17.48% before that. One of the main reasons for this decline was the interest change made to one of the credit cards offered by Capital One, the No Hassle Rewards® Card (OFFER EXPIRED).
The interest rate on student credit cards did not see any change. The interest rates on these cards that changed in April this year have remained the same ever since. The current average interest rate in this category is 16.67%.
The interest rates on cards issued to customers with excellent and good credit history also remain unchanged.
Latest Other Card News
Yesterday, on October 28, Uber introduced their new team – Uber Money. According to the official website, it is supposed to work on financial products and technologies to let their customers access, manage, and grow money easier and faster. Uber is expected to develop several new features, as well as make enticing improvements to existing […]
The results of the 2019 Debit Issuer Study, commissioned by PULSE®, a debit/ATM network, and conducted by Oliver Wyman, a global management consulting firm, show that consumer debit use has skyrocketed in the last year and will keep soaring. In 2018, the number of debit transactions increased by 6.7% reaching more than 68 billion. According […]
Some serious changes are in store for many Citi credit cards like the Citi Prestige Card, the Citi Premier Card, the Citi Double Cash Card, the Costco Anywhere Visa Card by Citi, the American Airlines AAdvantage MileUp℠ Card, and some other. The updates imply elimination of some consumer and travel benefits. The bank’s official response […]
Priority Pass is a world-known program offering its members access to over 1200 airport VIP lounges with free food, drinks and entertainment in more than 500 cities across 143 countries. The program is available to everyone who’s paid for membership, regardless of a tickets class.
A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.