Credit Cards
- 13.71% (all fixed)
- 14.5% (all variable)
The average percentage rate, or APR, for variable-rate credit cards added 4 basis points to 14.5 percent from 14.46 percent, according to Bankrate's latest survey of interest rates. A basis point is one-hundredth of 1 percentage point. The fixed rate stayed steady at 13.71 percent. It hasn't budged for seven straight weeks.
The new federal consumer watchdog agency, the Consumer Financial Protection Bureau, released a prototype credit card agreement Wednesday. The new form is considerably shorter than the industry average and eliminates the legalese commonly found in credit card agreements. The agency hopes issuers will adopt a similar form so consumers can better understand the conditions and terms of their credit cards.