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's weekly national survey of large banks and thrifts conducted Oct. 21, 2009.

Credit Cards

Rates: 13.46 percent (standard fixed); 11.48 percent (standard variable)

The average interest rate for all variable-rate credit cards has inched up from 10.86 percent all year, and this week the mean APR scooted 4 basis points to 11.46 percent. Fixed rates have averaged 12.34 percent for eight consecutive weeks.

Standard-variable rates also rose. The average APR shot to 11.48 percent, the first increase in seven weeks. The mean fixed rate for standard cards has kept to 13.46 percent since June.

A majority of consumers want the implementation date for most of the Credit CARD Act provisions to take effect in December, according to a new survey from In September, congressmen introduced legislation that would move the effective date from Feb. 22, 2010 to Dec. 1, 2009.

As Americans wait for protections to kick in, they continue to see changes to their credit card agreements. The survey, which was conducted in October, reported that 45 percent of respondents say they have received at least one unwanted change to their account, up from 33 percent in June. About 27 percent cited an interest rate increase, 17 percent a fee hike and 17 percent a credit limit cut. Reduced rewards affected 12 percent of respondents and 17 percent saw their minimum payments rise.

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 15.75%  0.02 15.77%
Cash Back Cards 16.45%  0.03 16.48%
Low Interest Cards 10.96% --0.00 10.96%
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