Interest Rate Roundup
credit cards
National credit card rates for May 6, 2010

Here's a look at the state of credit card rates from Bankrate.com's weekly national survey of large banks and thrifts conducted May 5, 2010.

Credit Cards

Rates: 13.7 percent (all fixed); 14.03 percent (all variable)

No change occurred this week in average credit card interest rates. The mean fixed rate for purchases stands at 13.7 percent and the variable-rate average clings to 14.03 percent.

One of the provisions in the Credit CARD Act of 2009 requires issuers to include a minimum payment warning on monthly statements that shows how long it will take to eliminate credit card debt if only minimum payments are made and how much it would take each month to pay the balance off in three years. According to an online poll conducted last month by the National Foundation for Credit Counseling, 25 percent of consumers said this disclosure motivated them to make larger monthly payments.

You can find your best credit card deal -- by type -- at Bankrate's interactive tool.

See all credit card rates content.

-- Leslie McFadden

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Product Rate Change Last week
Balance Transfer Cards 15.70%  0.02 15.72%
Cash Back Cards 16.40% --0.00 16.40%
Low Interest Cards 10.86% --0.00 10.86%
 
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Credit Card Blog

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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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