|
The average annual interest rates charged on most popular types of
credit cards rose last week for the third-consecutive week, according
to Bankrate.com.
For low-interest cards, which have rates
below the national average but are often offered only to customers with
strong credit histories, the average APR was 11.59 percent, up from
11.52 percent the week before.
For balance transfer cards,
which allow consumers to consolidate outstanding debt from one or more
cards and sometimes include a low introductory rate, the average annual
percentage rate edged up to 13.12 percent, from 13.05 percent a week
earlier.
The average APR for cash back cards, which
feature cash or other reward incentives and generally require a
good-to-excellent credit rating for approval, was slightly higher, at
13.75 percent, from 13.67 percent.
The average APR charged
for all variable-rate cards tracked by Bankrate edged up to 10.76
percent, from 10.74 percent the week of March 2.
Bankrate surveys the 10 largest banks and thrifts in the 10 largest markets in the U.S. to determine its averages. Full article at http://www.businessweek.com/ap/financialnews/D96QK6PO0.htm
|
