Small banks/credit unions offer better credit card terms and interest rates than large card issuers, leading to up to $500 more annually for the average cardholder.

A new Consumer Financial Protection Bureau report has found that small banks and credit unions offer better credit card terms and interest rates compared to large issuers. The large card issuers charged customers interest rates that were eight to 10 percentage points higher than the rates from smaller lenders and credit unions. This difference can amount to $400 to $500 more annually for the average cardholder.

February 16, 2024
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