National credit card rates for Aug. 12, 2010
Interest Rate Roundup
- 13.74% (all fixed)
- 14.32% (all variable)
The average APR for variable-rate credit cards climbed 1 basis point to 14.32 percent this week. The mean fixed rate has kept to 13.74 percent for seven consecutive weeks.
This week, New York Attorney General Andrew Cuomo expanded his recent investigation of predatory lending practices involving medical credit cards, which often charge a high interest rate retroactively if the balance isn't paid off during a no-interest promotional period. Fourteen dental and medical providers that promote the cards have been subpoenaed, along with GE Money's CareCredit, Chase Health Advance and Citi Health Card. The investigation was partly based on hundreds of complaints from consumers, who say their medical provider lied about the interest rate or charged upfront for procedures that were never performed.
-- Leslie McFadden