Here's a look at the state of credit card rates from Bankrate.com's weekly national survey of large banks and thrifts conducted June 23, 2010.
- 13.7% (all fixed)
- 14.39% (all variable)
The average APR for purchases on fixed-rate credit cards hasn't moved for 14 straight weeks at 13.7 percent. Advertised variable rates have been inching higher over the past three months, and averaged 14.39 percent this week, up 2 basis points since the last survey.
House and Senate leaders on Tuesday adopted compromise legislation that would cut interchange fees charged by banks for processing debit card transactions.
According to media reports, the current language in the bill would allow the Federal Reserve to take fraud costs under consideration when setting the "reasonable and proportional" fee amount, and merchants would have the option of choosing the network that would process their transactions. On the downside, the compromise doesn't include a requirement to let merchants offer discounts to customers using cheaper payment methods, and retailers aren't required to lower prices as a result of fee savings. Credit card processing fees would remain unregulated.
Bankrate.com makes it easier to find low-rate credit cards and credit cards with rewards. You can search by issuer, card type or credit score.-- Leslie McFadden