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National credit card rates for August 4, 2011

Interest Rate Roundup
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Credit Cards

  • 13.36% (all fixed)
  • 14.4% (all variable)

Credit card rates remained unchanged from last week, according to Bankrate's latest survey of interest rates. The average APR for variable-rate credit cards held steady at 14.4 percent for the fourth straight week. The fixed rate, which hasn't moved all year, stood at 13.36 percent.

This week, the National Consumer Law Center offered its top 10 action items for the new federal Consumer Financial Protection Bureau. Among them is to look at credit card companies' books to ensure they're not charging illegal fees or rate increases along with helping consumers choose the best card without "back-end tricks and trap." The CFPB opened its doors July 21, but is operating without a director.

 

 

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Product Rate Change Last week
Balance Transfer Cards 15.71%  0.01 15.72%
Cash Back Cards 16.41%  0.01 16.40%
Low Interest Cards 10.86% --0.00 10.86%
 
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Credit Card Blog

Jeanine Skowronski

CFPB: Lender distorted credit reports

The Consumer Financial Protection Bureau has an eye on credit reporting issues. The agency took enforcement action against auto financer First Investors Financial Services Group Inc. Wednesday for distorting consumer credit records for years. Per the CFPB, First Investors, which lends primarily to subprime borrowers, failed to fix known flaws in a computer system that  ... Read more

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