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Credit card interest rates creeping up

ARLINGTON, Va. - Credit card interest rates are moving higher, according to Cardweb.com, a site on the World Wide Web that tracks credit card data. The site reported that the rates are rising "despite the stable rate environment." The site blamed the rise on the "punitive" rate policies of many...

By Staff Writer | Updated on October 22, 2002

ARLINGTON, Va. – Credit card interest rates are moving higher, according to Cardweb.com, a site on the World Wide Web that tracks credit card data. The site reported that the rates are rising “despite the stable rate environment.” The site blamed the rise on the “punitive” rate policies of many of the nation’s top issuers, including MBNA. The leading card issuer and purchaser of credit unions’ card portfolios now charges rates as high as 24.98%, Cardweb reports. Annual percentage rates hit bottom in December of last year at 14.32% but have increased to 14.71% since then. The average rate for variable-rate cards now stands at 14.89% versus 14.57% for fixed-rate cards, the site reported.

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