Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Dec. 3, 2008.
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Credit cards
Rates: 13.42 percent (standard fixed); 11.29 percent (standard variable)
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The average fixed rate didn't move from 12.06 percent, but the variable rate for all cards inched down to 11.08 percent, from 11.1 last week.
On standard cards, the fixed rate remained at 13.42
percent and the variable rate fell 2 basis points to 11.29 percent. A
basis point is one-hundredth of a percentage point.
This week, Reuters
reported a grim prediction from Meredith Whitney, an analyst at Oppenheimer
& Co. Domestic banks may slash more than $2 trillion in credit card lines
within the next 18 months to head off legislative changes and risk exposure.
She noted that three major card issuers -- Bank of America, Citigroup
and JPMorgan Chase & Co. -- have considered scaling back existing accounts
or reducing cardholder acquisition efforts.
-- Leslie McFadden
Compare
low-interest credit cards. |
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July 30 - Aug. 5
