Average Credit Card Rates in December 2011

December 23, 2011 - 11:14 am

Average credit card interest rates for consumers and businesses changed during the first half of December, 2011 despite a stable US bank prime rate of 3.25%. Not all credit card interest rates are directly linked to the prime rate and there are a variety of reasons why the average credit card interest rates might change even with a stable US bank prime rate.

December 2011 Average Credit Card Rates

In December, the difference between interest rates for individuals with good credit compared to individuals with average credit narrowed, dropping between a half a percent to 3.57%. The overall average interest rate for all credit cards is 16.71%.

The only category of credit cards which did not change their average interest rates this quarter are business credit cards. The overall average interest rate for the different credit card categories is as follows:

Non-rewards average interest rates: 14.71%
Business non-rewards average interest rates: 14.74%
Consumer rewards average interest rates: 17.58%
Business rewards average interest rates: 15.53%
Student average interest rates: 16.86%

Reasons for Credit Card Interest Rate Changes

If the US bank prime rate hasn’t changed, the following situations are potential reasons for changes in the average credit card interest rate:

Increasing inflation causes credit card interest rates to increase
Profit strategy adjustments by credit card companies
Changes in market interest rates

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Average Credit Card Rates in December 2011

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