Here's a look at the state of credit card rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Jan. 27, 2010.
Credit CardsRates: 13.29 percent (standard fixed); 12.34 percent (standard variable)
Credit card interest rate averages made big leaps this week, mostly due to credit unions in Bankrate.com's weekly survey changing their fixed-rate cards to variable. The average fixed rate for all cards dropped 20 basis points to 12.1 percent and the mean variable rate rocketed 27 basis points from 11.98 percent to 12.25 percent. Several issuers did not post margins, or the amount added to the index for the variable interest rate, while one bank raised them.
For standard cards, the fixed-rate average sunk 12 basis points to 13.29 percent and the average variable rate soared to 12.34 percent, a 60-basis point jump.
The Credit Card Accountability, Responsibility and Disclosure Act of 2009, most of which takes effect on Feb. 22, contains several loopholes for cards with variable rates. For instance, most rate hikes on existing balances are prohibited under the law. Yet rate increases tied to index changes on variable rate cards are permitted and don't trigger the 45-day advance notice requirement.
You can find your best credit card deal -- by type -- at Bankrate's interactive tool.
See all credit card rates content.
-- Leslie McFadden