Big Banks Charge More Interest on Credit Cards Simply ‘Because They Can’: Economic Analyst

Kevin Hogan
By Kevin Hogan
February 26, 2024NTD Good Morning

Do you have consumer debt on credit cards from big banks, and want to save a few hundred dollars? Then switch to smaller banks and credit unions. A report by the Consumer Financial Protection Bureau says the 25 largest credit card companies charge about 10 percent more interest than their smaller counterparts. Mark Hamrick, a senior economic analyst at, tells NTD that the bigger banks do this “because they can”—aided by their brand familiarity and their promises of cashback, premiums, and perks.


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