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Women hit with higher credit card interest rates? Let’s get to the bottom of this

Connie Prater

A new study from FINRA Investor Education Foundation caught my eye with its conclusion that women with low levels of financial literacy were more likely than similarly situated men to screw up their credit card management.

My first reaction was: Not me. But, then, I’m not the typical female credit card holder and I’m definitely not financially illiterate.

The data found a half a percentage point difference in the interest rates paid by women over what men pay (15 percent for women with low financial literacy versus 14.5 percent for similar men).

Why is this? Gender is not a consideration in credit card offers or approvals — or it shouldn’t be.

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