CFPB: Large Banks Charge Higher Credit Card Interest Rates

[SouthJamaica]

CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions

https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-finds-large-banks-charge-higher-credit...

See also:

CFPB Takes Aim at Consumer Credit Card Rates

https://www.pymnts.com/credit-cards/2024/cfpb-takes-aim-at-consumer-credit-card-rates/

[Horseshoez]

Interesting; I have cards from three banks and one credit union; as expected, my (rarely used) PenFed card is sitting at an interest rate of 17.99%, however, what is at least somewhat unexpected are some of the rates charged by the banks:

• Chase (ranks as the #1 bank and #1 credit card issuer):
  • CSP: 28.24%
  • CFU: 28.24%
• TDBank (ranks as the #10 bank and #14 credit card issuer):
  • TDCash: 28.24%
• Capital One (ranks as the #12 bank and #2 credit card issuer):
  • Quicksilver: 32.25%
  • SavorOne: 26.99%

All in all I'm good as I don't pay interest, but I do find looking at those numbers a bit entertaining.

[CorpCrMgr1]

Interesting articles. Thank you for posting. The smaller banks are not going to issue a CC on a national co-branded card.

[Kforce]

My CU's:

AOD   (7.49%)

1st City   (13.5%)

Wescom   (16.4%)

USAlliance    (17.49%)

My Banks:

BMO    (21.2%)

FNBO    (22.5%)

Like @Horseshoez , I don't pay interest.