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Surprising fall in interest rates on credit cards
[12:00:00 AM Sunday, July 24, 2011]
For the second time this year, credit card interest rates witnessed a drop last week. The new average for the rates on credit cards fell to 14.75 percent. This drop came after CitiGroup Inc pulled back its Shell Platinum MasterCard. Confirming this move by CitiGroup, their spokesperson, Elizabeth Fogarty, said that the bank has stopped accepting new application forms for this card and a new Shell Rewards card program is in the pipeline. She also went on to say that this is just a temporary move and that the bank will start accepting the request for this card from September this year. The interest rate on the Citi Shell Platinum MasterCard was 23.99 percent. Hence, the withdrawal of this card from the market saw a drop in the national average.
It was not only CitiGroup that was in news last week. USAA also witnessed some interesting activity with the APR on one of its cards moving from 23.9 percent to 25.9 percent. With this move, this bank became the second one to offer APR of over 25 percent to its customers. With a flat rate of 49.9 percent, the First Premier Bank’s Classic MasterCard is the one with the highest APR in the market. Confirming this move, USAA also said that they have also launched a new card in the market with APR varying between 6.9 percent and 23.9 percent.
Credit card lenders are not only making changes to the interest rates. Many of them are also modifying the terms and conditions on the card, in addition to the fees and other charges.
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