RateAPY

Business Credit Card Interest Rates Are Lowest

Posted by: RateAPY Bank Rates News
November 30th, 2009

Only six months ago, the average interest rate on a business credit card was the highest out of ten categories of credit card types, at 16.74%. Currently, the average APR on a business credit card is now the lowest of those same ten categories, at 9.74%. No other credit card type has seen its average rate turn so drastically. In fact, almost all of the other nine credit card types surveyed by the Consumer Federation of America have increased APRs in the last six months.

The survey considers nearly 100 of the most popular credit cards from dozens of US issuers. Introductory or teaser rates are not considered in the calculations of the average APRs. The ten credit card categories and their current APRs are:

• national average: 12.71%
• business: 9.74%
• low-interest: 11.65%
• cash back: 12.08%
• balance transfer: 12.13%
• reward: 13.29%
• instant approval: 13.32%
• airline: 13.60%
• bad credit: 13.74%
• student: 14.89%

As the calendar year winds down, interest rate watchers will be looking for signs that the prime rate and other key indicators that affect credit card rates, mortgage rates, and bank rates are on an upward trajectory.