CFPB: Credit card data shows small issuers offer lower rates

A Consumer Financial Protection Bureau report on credit card data show that smaller credit card issuers have "significantly lower" median annual percentage rates than the largest 25 credit card companies. The report also noted that large institutions charge higher annual fees than smaller banks. The CFPB will update the data every 6 months.

Of note:

• The difference in Purchase APR between the largest and small issuers translated to average annual savings of $400 to $500 for consumers with an average balance of $5,000.

• The CFPB’s latest survey includes data on 643 credit cards (430 of which were available nationally) from 156 issuers (84 banks and 72 credit unions) offered from January through June 2023.