Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted March 19, 2008.
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Credit cards
Rates: 13.42 percent (standard fixed); 12.77 percent (standard variable)
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The averages for fixed-and variable-rate platinum,
gold and standard cards went in different directions this week. The fixed
rate inched upward 1 basis point to 11.89 percent and the variable rate
scooted down 10 basis points to 12.26 percent. Standard-variable cards
came down 12 basis points to 12.77 percent and standard-fixed cards stayed
at 13.42 percent.
Tuesday the Federal Open Market Committee made its sixth rate cut in six months, and reduced the federal funds target rate by another three-quarters of a percentage point.
Most variable-rate credit cardholders with FICO credit scores over 700 should see their rates drop within three months. Consumers won't see their APRs dip below a floor or minimum rate on their cards, so they should read their credit card agreement and scour change-in-terms notices for mentions of a floor rate. Read "Smart strategies" for more tips.
-- Leslie McFadden
Compare
low-interest credit cards. |
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July 30 - Aug. 5
