July 22, 2015: Interest rates on new credit card offers stayed in place again this week, according to the CreditCards.com Weekly Credit Card Rate Report
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For the fifth week in a row, the national average APR remained at 15 percent. None of the cards tracked by CreditCards.com advertised new rates. Promotional offers, including interest-free balance transfer offers and introductory purchase APRs, were also left unchanged.
For the second time this year, Capital One eliminated the $19 annual fee on its Platinum card. The issuer had removed the card’s annual fee in January, but reintroduced it in March.
Earlier this year, Capital One also eliminated the $29 annual fee on the Secured MasterCard. As a result, the QuicksilverOne card, the Classic Platinum card and the Venture Rewards card are currently the only Capital One personal cards that carry an annual fee.
CFPB goes after Citi for deceptive card marketing
The Consumer Financial Protection Bureau has ordered Citigroup to refund eligible Citi cardholders a combined $700 million after it found evidence that card customers were duped into buying credit card add-on products that they didn’t ask for or fully understand. The federal watchdog group also charged Citi with billing cardholders for services it didn’t perform and for misrepresenting certain fees.
Since the CFPB began monitoring credit card companies in 2011, multiple credit card companies have come under scrutiny for deceptive add-on enrollment practices. “We continue to uncover illegal credit card add-on practices that are costing unknowing consumers millions of dollars,” said CFPB director Richard Cordray in a July 21 news release. “In our four years, this is the 10th action we’ve taken against companies in this space for deceiving consumers.”
The CFPB says an estimated 8.8 million customers were affected by Citi’s deceptive marketing or billing practices and are eligible for a refund.
Citi will also have to pay a $35 million penalty to the CFPB’s Civil Penalty Fund, which gives monetary payments to consumers who have been harmed by financial services companies’ unfair practices.
|CreditCards.com’s Weekly Rate Report|
|Avg. APR||Last week||6 months ago|
|Methodology: The national average credit card APR is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed above. (Introductory, or teaser, rates are not included in the calculation.)|
|Updated: July 22, 2015|