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 June 17, 2009.
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| Interest Rate Roundup |
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Credit cards
Rates: 13.46 percent (standard fixed); 10.8 percent (standard variable)
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After wavering last week, credit card interest rates quieted down. For all fixed-rate cards, the average rate on purchases stayed at 12.26 percent, and variable-rate cards offered 10.88 percent. Fixed rates on standard cards stood at 13.46 percent, and standard-variable rates kept to 10.8 percent.
Major credit card issuers experienced record default rates in May. Bank of America Corp. said its rate of charge offs, or uncollectible card loans, reached 12.5 percent in May, up from 10.47 percent in April. American Express Co. saw a 50-basis-point jump to 10.4 percent while Citigroup reported a 10.5 percent default rate. JPMorgan Chase & Co. had a default rate of 8.36 percent, up from 8.07 percent.
You can find your best credit card deal -- by type -- using Bankrate's interactive tool.
-- Leslie McFadden |
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July 30 - Aug. 5
