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.
Credit 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
Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.