Credit Card Interest Rates Rose During 2000

Not surprisingly given the rise in market interest rates during 2000, credit card issuers adjusted upward the rates charged on revolving balances. The Federal Reserve reported that for credit cards issued by commercial banks, the average rate on accounts assessed interest during November 2000 was 15.23%, up 46 basis points from one year earlier. The average stated APR across all accounts (regardless of whether a balance was revolved) was 15.99% in November, up 86 basis points from one year earlier.