credit cards

Credit card rates for July 17, 2014

Credit card rates were mixed this week, according to Bankrate's latest survey. I'm Allison Ross with your weekly look at credit card rates.

The average annual percentage rate for fixed-rate credit cards stayed at 13.02 percent, where it has held since early 2013. The APR for variable-rate credit cards, however, went down 4 basis points to 15.57%.

This week, a few big banks indicated credit card revenue was making up for declines in mortgage lending and trading. According to Bloomberg, JPMorgan Chase and Citigroup reported a year-over-year rise in card revenue as part of their second-quarter earnings, while Wells Fargo reported a rise in card fee revenue.  

Strong consumer spending and the phasing out of cash and checks were given as possible reasons for the uptick in revenue.

With rates moving downward, now might be a great time to add a new card to your arsenal. You can shop around for the card with the sweetest rates and perks using the search engine on Bankrate.com. I'm Allison Ross.

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Product Rate Change Last week
Balance Transfer Cards 15.73%  0.02 15.75%
Cash Back Cards 16.43%  0.02 16.45%
Low Interest Cards 10.98%  0.02 10.96%
 
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