The average purchase APR for variable-rate cards continues to beat fixed-rate cards. Down again this week, the interest rate for standard, gold and platinum variable-rate cards sank 10 basis points to 11.52 percent, while fixed-rate cards kept to 11.89 percent. Among standard cards, the rate disparity widened -- fixed-rate cards stood at 13.42 percent and variable-rate cards dropped 11 basis points to 11.91 percent.

Last week, the Federal Reserve, the U.S. Office of Thrift Supervision and the National Credit Union Administration approved a proposal that would impose major reforms on the credit card industry. Among the slated changes, financial institutions would no longer have the ability to apply rate increases to a cardholder's outstanding balance, or practice double-cycle billing, which means that consumers pay interest on debt already repaid. Regulators aim to finalize the rules by the end of the year.

-- Leslie McFadden

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