Report: Credit Card Rates Rise Sharply
MOST CREDIT CARDS LEFT THEIR FEE STRUCTURES ALONE AS CARD APRS HIT RECORD HIGHS
(CNN) – It’s always a good idea to pay your credit card bill on time.
But now it’s costing you more if you don’t.
The interest credit cards charge on balances, also known as APR, has risen sharply this year.
That’s according to a survey of 100 credit cards by credit cards.com.
The average interest rate is now just over 17%.
That means paying late, carrying a balance or taking out a cash advance is going to cost you more.
Most cards, though, have not raised the other fees they charge and the total number of fees is actually down.
Keeping a card open shouldn’t cost you more than it did last year and you’re more likely to be able to shop overseas without incurring foreign transaction fees.
Experts warn those and other fees could change quickly as banks are constantly re-evaluating how they make money on credit card customers.