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 2, 2010.Interest Rate RoundupMortgagesCDsAuto LoansHome EquityCredit CardsCredit CardsRates: 13.7 percent (all fixed); 14.28 percent (all variable) The average variable interest rate for all credit cards scooted up to 14.28 percent, while the average fixed rate for purchases stayed at 13.7 percent. Currently, both averages stand at record highs since Bankrate first debuted its credit card index in 2005.The requirements under the Credit CARD Act of 2009 don't apply to small business credit cards. Yet, the Federal Reserve Board concluded in a new report to Congress that the benefits of extending protections to small business credit cards don't outweigh the potential drawbacks. The Board noted in its 59-page report that applying similar restrictions to small business cards could lead to negative consequences for small firms that use these products, such as higher interest rates and lower credit limits.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 advertisementRelated Links:Credit Card Rates May 27, 2010How do I win a credit card dispute?3 top priorities of credit repairRelated Articles:Bank debt may ding creditWhy your rates go upCredit card rates
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 2, 2010.
The average variable interest rate for all credit cards scooted up to 14.28 percent, while the average fixed rate for purchases stayed at 13.7 percent. Currently, both averages stand at record highs since Bankrate first debuted its credit card index in 2005.
The requirements under the Credit CARD Act of 2009 don't apply to small business credit cards. Yet, the Federal Reserve Board concluded in a new report to Congress that the benefits of extending protections to small business credit cards don't outweigh the potential drawbacks. The Board noted in its 59-page report that applying similar restrictions to small business cards could lead to negative consequences for small firms that use these products, such as higher interest rates and lower credit limits.
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
A little research could save you BIG on interest.