When a legislation has been signed by President Obama that restricts many credit card company practices about which consumer groups have lodged long complains about, it has been said by the bank executives that it would force them to raise interest rates across the board. It is possible that it might be happening.
According to IndexCreditCards.com, by which the industry is tracked, in July credit card rates were at 18-month high rate levels.
It has been found by the web site’s review of rates that are offered by issuers including American Express, Bank of America, Chase and Citibank that the average rate on consumer cards was 14.94 %, which has been increased more than a full point than what it was in March.
It has also been noted by the web site that for consumer cards with rewards programs the average rate was 15.32 %, compared with 14.04 % for non-rewards cards.
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