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Over the past two years the prime rate has been chopped in half but interest rates on bank credit cards have declined less than 8%. In March 2001, the average credit card interest rate was 16.16%, and the prime rate was 8.50%. This month, the prime rate continues to stand at 4.25%, while the average credit card interest rate is now 14.87%. The average credit card interest rate one year ago was 14.42%. It has been edging up as more consumers bump into punitive interest rates as high as 29.99%. Meanwhile, introductory interest rates continue to hang in the low single digits, with many 0% rates offered.
Average Credit Card Interest Rates Jan 01: 16.49% Feb 01: 16.31% Mar 01: 16.16% Apr 01: 15.91% May 01: 15.83% Jun 01: 15.43% Jul 01: 15.02% Aug 01: 14.98% Sep 01: 14.81% Oct 01: 14.48% Nov 01: 14.41% Dec 01: 14.32% Jan 02: 14.33% Feb 02: 14.38% Mar 02: 14.42% Apr 02: 14.54% May 02: 14.60% Jun 02: 14.62% Jul 02: 14.65% Aug 02: 14.70% Sep 02: 14.71% Oct 02: 14.74% Nov 02: 14.78% Dec 02: 14.81% Jan 03: 14.81% Feb 03: 14.85% Mar 03: 14.87% Source: CardWeb.com, Inc.
