COLUMBUS, Ohio — KEMBA Financial Credit Union said it has reduced credit card rates back to 2017 levels and is freezing those rates until January 1, 2019.
The APR freeze comes as the Federal Reserve has announced recent rate increases, with the expectation of two to three more additional rate increases in 2018, $1.2-billion KEMBA Financial said.
“As a credit union, we always look to do what is in the best financial interest of our members,” said President and CEO Jerry Guy. “By freezing their credit card rate, it will allow our members to pay down debt faster and enhance their overall financial well-being. Most consumers will feel the effects of a Prime Rate increase almost immediately. Our members can be confident that their credit card rates will remain consistent throughout 2018 regardless of any future Fed-driven increases, which provides a sense of financial stability and predictability.”
KEMBA Financial noted that according to bankrate.com the average credit card rate is 16.84%, with some store credit cards nearly double that. KEMBA Financial's rate is 10.99%.