Credit Cards

• 13.76% (all fixed)
• 14.4% (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 Oct. 20, 2010.

The average fixed rate for all credit cards held at 13.76 percent, while variable rates climbed 3 basis points since last week to 14.4 percent, a record high.

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 didn't cap penalty interest rates on credit cards, though it did restrict the circumstances under which issuers could apply them. Bank of America has since dropped penalty APRs from its credit card offers, telling Bankrate.com that it may shut off a past-due account to new purchases until it is brought current, or close it, depending on the severity and frequency of the delinquency.

In other regulatory news, the Federal Reserve Board proposed several changes to credit card regulations on Tuesday. Among the proposed amendments is a requirement that issuers consider an applicant's "independent" income, rather than household income, before opening a credit card account or increasing the credit limit.

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.