Variable-rate credit cards yet again presented lower APRs than their fixed-rate counterparts. The average variable interest rate dropped to 11.30 percent, down 3 basis points from last week. Fixed-rate cards offered an average APR of 12 percent.

On standard cards, the average fixed-rate stood at 13.42 percent, but the variable rate fell 7 basis points to 11.61 percent.

The Federal Reserve's latest quarterly survey of senior loan officers indicated widespread credit-limit reductions that affected even people with high credit scores. About 20 percent of domestic banks reported they had lowered the credit limits of prime cardholders, and around 60 percent had slashed lines for nonprime borrowers. They pointed to weak economic conditions, a smaller appetite for risk, lower credit scores and missed payments as justification.

Nearly 50 percent of U.S. banks increased the minimum credit scores needed for new accounts and approximately 60 percent approved fewer applications that didn't satisfy the credit scoring requirement.

-- Leslie McFadden

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