Credit Card Rates Resume Climb
By: manybanking.com Staff

NEW YORK (AP) — The average annual interest rates charged on three popular types of credit cards resumed their climb last week, after dipping slightly the prior 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 11.58 percent, up from 11.55 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 inched up to 13.14 percent, after dipping to 13.10 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 also slightly higher, at 13.85 percent, from 13.81 percent.

While rates for these three card types rose, the average APR charged for all variable-rate cards tracked by Bankrate slipped a bit, to 10.66 percent, from 10.68 percent the week of March 23.

Bankrate surveys the 10 largest banks and thrifts in the 10 largest markets in the U.S. to determine its averages.

Copyright 2009 The Associated Press.

All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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