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Article: Credit card rates bucking downtrend
- Article from:
- Chicago Sun-Times
- Article date:
- January 7, 1998
- Author:
CopyrightCopyright 1998 Chicago Sun-Times. (Hide copyright information)
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NEW YORK Credit card holders find themselves on the outside
looking in as the bond market celebrates the new year with a powerful
rally that has pushed down interest rates on almost everything else.
Standard credit card rates have cruised at an average just below
17 percent for the last two years. But during the last 18 months,
the rate on 10-year Treasury bonds has fallen 1.5 percentage points
and the rate on 30-year mortgages has dropped 1.36 percentage points.
Yields on 30-year Treasury bonds fell to an all-time low Tuesday for
a second straight day.
Some credit card rates have even been rising.
When Capital One Financial Corp. wrote to Ronald Morris six
weeks ago and offered to ...