Credit card rates are on the rise, but experts say that’s not necessarily a bad thing.
A recent study shows interest rates are up, but fees are down. Experts say that’s because the economy is good and credit card companies are competing for your business.
The average credit card rate is 17 percent. That is up from about 15 percent last year, according to creditcards.com. The average credit card charges 5.5 fees. The worst card charges up to 12 fees.
Industry Analyst, Ted Rossman, said the easiest way to keep costs down, is to pay off your credit cards and don’t pay your bill late.
“I think for most consumers, you can get a wide variety of credit cards with perks like travel rewards, cash back. Just make sure to avoid punitive fees. Do things like pay bills, pay in-full, no cash advances. And then you can make any credit card fee free. I made $1400 over the past year on rewards. No fees, you can do it too.”
See the full report here.
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