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While credit card rates remain high, most other interest rates have reached 50-year lows. The prime rate, which banks charge their best customers, stands at just 3.25 percent. The federal discount rate -- that's what it costs banks to borrow from the Federal Reserve -- is just .75 percent.
Credit Cards for People with Less Than Perfect Credit - CreditCards.com
The 15.14 percent average credit card rate represents a rise of some 300 basis points, or 3 percentage points, from where the average was in 2009 (12.3 percent) when Congress, in an attempt to reign in "unfair or deceptive" practices, passed the Credit Card Accountability Responsibility and Disclosure (CARD) Act.
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While credit card rates remain high, most other interest rates have reached 50-year lows. The prime rate, which banks charge their best customers, stands at just 3.25 percent. The federal discount rate -- that's what it costs banks to borrow from the Federal Reserve -- is just .75 percent.
Credit Cards for People with Less Than Perfect Credit - CreditCards.com
The 15.14 percent average credit card rate represents a rise of some 300 basis points, or 3 percentage points, from where the average was in 2009 (12.3 percent) when Congress, in an attempt to reign in "unfair or deceptive" practices, passed the Credit Card Accountability Responsibility and Disclosure (CARD) Act.
Get a Low Interest Credit Card - Apply HERE
Consumers can fight back over high interest rates on their cards, though it may be more difficult for those with damaged credit or high balances. Bankrate.com has a free tool that lets you sort card offers by rate and perks. Many people have been able to negotiate lower rates with their existing cards simply by calling the customer service number.
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