Interest Rate Roundup
- All fixed: 13.02%
- All variable: 15.76%
Credit card rates were unchanged this week, according to Bankrate's weekly survey of interest rates.
The average annual percentage rate, or APR, for fixed-rate credit cards was 13.02 percent, while the APR for variable-rate credit cards was 15.76 percent. The APR for fixed-rate credit cards has held steady since early 2013. The APR for variable-rate credit cards had stayed the same for two weeks in a row, but then spiked 6 basis points during the week of Feb. 19.
A basis point is one-hundredth of 1 percent.
This week, Bloomberg reported that American Express is raising interest rates for more than 1 million customers after discovering its competitors were charging higher rates to borrowers "with similar credit profiles."