credit cards

National credit card rates for July 7, 2011

Interest Rate Roundup
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Credit Cards

  • 13.36% (all fixed)
  • 14.42% (all variable)

For the fourth consecutive week, credit card rates stayed steady in Bankrate's latest survey of interest rates. The average APR for variable-rate credit cards remained at 14.42 percent. The fixed rate stood at 13.36 percent, where it has been all year.

An Equifax report on Friday showed that banks issued 8.6 million credit cards in the first quarter of this year. That marks a 26 percent increase, or 1.8 million more cards, compared with the same period in 2010. It also underscores a larger trend of easier access to credit as consumer risk improves. Banks even gave out 2.5 million cards to consumers with subprime, or blemished, credit during that period, up 62 percent from the year before.

-- Janna Herron

 

 

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Product Rate Change Last week
Balance Transfer Cards 15.71%  0.02 15.69%
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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