Interest rates on new credit card offers climbed to another record high this week, according to the CreditCards.com Weekly Credit Card Rate Report.
The average annual percentage rate (APR) on new credit card offers rose to 14.96% -- surpassing the previous record of 14.94%, where the rate had stood for the past two weeks.
It's the third week-to-week increase in the past month. It's also the fifth time in 2011 that rates have hit a record high. That's nothing new, however: In 2010, a record was set eight times. CreditCards.com has tracked rate changes since 2007.
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Like a debit card, a credit card is also a plastic card issued by a financial institution for usage to complete payments and purchases. Instead of the needed funds to complete the transaction being deducted from an associated financial institution, they are issued in the form of debt by the underlying credit card company. Visit: http://www.credocard.com
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