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News Link • Business/ Commerce

Average credit card interest up to shocking 21%


Credit card companies know there’s no free lunch, but they’re letting more customers get a taste as an enticement by gouging their existing card members.

The average credit card interest rate for people with fair credit has hit a shocking 21 percent, up more than 2 percent from only a year ago, according to industry group CardHub.

Credit card companies, which attract new customers with zero percent teaser rates and more rewards, have raised rates while their costs remain historically low, industry observers say.

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