CFPB report finds large banks charge higher credit card interest rates than small banks and credit unions

The Consumer Financial Protection Bureau (CFPB) has reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. In fact, the 25 largest credit card issuers charged customers interest rates of 8 to 10 points higher than small- and medium-sized banks and credit unions. This difference can translate to $400 to $500 in additional annual interest for the average cardholder.

To read the full press release and access the CFPB report please click here.