credit cards

National credit card rate averages

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 May 13, 2009.

Credit Cards

Rates: 13.56 percent (standard fixed); 10.76 percent (standard variable)

Average interest rates across most types of credit cards increased this week. The mean fixed rate jumped 5 basis points to 12.38 percent, after a nine-week hibernation at 12.33 percent. Average variable rates also moved up, by 1 basis point, to 10.79 percent. A basis point is one-hundredth of a percentage point.

The APR for standard-variable cards inched upward to 10.76 percent, while fixed-rate standard cards remained at 13.56 percent.

President Barack Obama pressured Congress on Saturday in a radio address to deliver a credit card reform bill for him to sign by Memorial Day. This week the Senate debates the Credit Card Accountability, Responsibility and Disclosure bill of 2009, a stronger bill than one passed by the House of Representatives April 30. The Credit CARD bill would, for example, allow rate hikes on existing balances after 60 days of delinquency, while the House version would permit such rate increases if the cardholder missed a payment by 30 days. Both pieces of legislation mirror measures approved by federal regulators in December that would curb unfair practices in the industry.

You can find your best credit card deal -- by type -- at Bankrate's interactive tool.

-- Leslie McFadden

 

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Product Rate Change Last week
Balance Transfer Cards 15.67% --0.00 15.67%
Cash Back Cards 16.33%  0.02 16.35%
Low Interest Cards 10.87% --0.00 10.87%
 
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