WASHINGTON (4/17/14)--Interest rates on credit cards were 2.12% higher in the first quarter of 2014 compared with the same time last year, according to the most recent Credit Card Landscape Report from CardHub.
For those with excellent credit, interest rates were 12.86%--a 0.55% increase compared with last year. Rates for good-credit scores were 17.35%, a gain of 1.64% over last year.
Rates dipped only slightly for secured credit cards--0.27%--from the fourth quarter of 2013 to the first quarter of this year. The largest relative drop was -6.73% to 21.07% for fair-credit scores during the same period.
At credit unions, platinum credit cards came in at 9.07% and reward cards 9.87%, according to this week's rate data from Informa Research Services.
CardHub, which monitors more than 1,000 credit card offers daily, noted that cash advance fees rose to $12.31--more than 10% year-over-year.
The average maximum late fee was $33.64--an increase of 0.54% compared with last year and well above the credit union maximum of late fees for platinum cards ($25.83) and rewards cards ($22.74).
CardHub surmised that the 62% year-over-year increase in complaints about identity theft and fraud could be attributed to the data security breaches at retailers such as Target and Neiman Marcus.