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 Oct. 29, 2008.
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Credit cards
Rates: 13.42 percent (standard fixed); 11.68 percent (standard variable)
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Variable-interest rates slid down slightly this week. The average purchase rate on fixed-rate standard cards kept to 13.42 percent and on variable-rate cards, fell 3 basis points to 11.68 percent.
On fixed-rate standard, gold and platinum cards, the average APR remained at 12 percent, but for variable-rate cards the rate came down 4 basis points to 11.33 percent. A basis point is one-hundredth of a percentage point.
A study released by marketing research company comScore this week declared that online applications at the top 10 credit card issuers dropped for the first time in the last five consecutive quarters. Compared to the second quarter of 2007, the second quarter of 2008 saw a decrease in the volume of card applications by 6 percent.
-- Leslie McFadden
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low-interest credit cards. |
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July 30 - Aug. 5
