credit cards

National credit card rates for Aug. 23, 2012

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Credit Cards

  • 13.81% (all fixed)
  • 14.52% (all variable)

Credit card rates didn't budge this week, according to Bankrate's latest survey of interest rates. The average annual percentage rate, or APR, for variable-rate credit cards remained at 14.52 percent. The fixed APR stayed steady at 13.81 percent. It hasn't moved since the beginning of March.

Bank of America confirmed Tuesday that it has stopped selling credit protection services to its credit card holders after settling a class-action lawsuit over the add-on product. The bank denied wrongdoing in the deal, but the suit alleged that customers did not get their money’s worth out of the protection service, which promises to cancel minimum payments if a cardholder loses a job, is hospitalized or faces other life emergencies. Last month, the Consumer Financial Protection Bureau ordered Capital One to refund $140 million to 2 million credit card holders for improperly selling add-on services.

 

 

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Product Rate Change Last week
Balance Transfer Cards 15.71%  0.01 15.72%
Cash Back Cards 16.41%  0.01 16.40%
Low Interest Cards 10.86% --0.00 10.86%
 
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Credit Card Blog

Jeanine Skowronski

CFPB: Lender distorted credit reports

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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