Interest Rate Roundup
- All fixed: 13.02%
- All variable: 15.7%
Credit card rates were mixed 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, where it has held since early 2013. The APR for variable-rate cards went up 2 basis points to 15.7 percent. Prior to the increase, the APR for variable-rate credit cards had held at 15.68 percent for four straight weeks.
A basis point is one-hundredth of 1 percent.
This week, the Federal Reserve released a paper calling for improvements to the U.S. payments system. The Fed is calling for, among other things, a move to real-time payments, more options for U.S. consumers paying for items abroad, and better fraud protections in an increasingly threatened environment.