- 13.36% (all fixed)
- 14.42% (all variable)
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 8, 2011.
The average annual percentage rate for variable-rate credit cards dropped to 14.42 percent in Bankrate's latest survey of interest rates, down 1 basis point from the previous week. Fixed rates for credit card purchases have averaged 13.36 percent all year.
After a slight increase in March, credit card balances dropped in April at an annual rate of 1.4 percent, according to the latest Federal Reserve report on consumer credit. Total revolving credit, which is mainly credit card debt, dropped by $1 billion from the previous month to $790.1 billion. Credit card debt has mostly been on the decline for more than two years.-- Leslie McFadden