credit cards

National credit card rates for Oct. 20, 2011

Interest Rate Roundup
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Credit Cards

  • 13.85% (all fixed)
  • 14.44% (all variable)

The average annual percentage rate, or APR, for variable-rate credit cards slipped 4 basis points to 14.44 percent from 14.48 percent, according to Bankrate's latest survey of interest rates. The fixed rate remained at 13.85 percent for the third consecutive week. A basis point is one-hundredth of 1 percentage point.

News this week from six of the largest credit card issuers revealed that more Americans are falling behind on their credit card bills. After more than two years of consistent improvement, Bank of America, JPMorgan Chase, Citigroup, Discover, Capital One and American Express reported increases in the percentage of cardholders who are at least 30 days late on their monthly payments in September. While the rises were modest, they could signal tougher times ahead for consumers.

 

 

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Product Rate Change Last week
Balance Transfer Cards 15.71%  0.02 15.69%
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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