Credit card interest rates waver in past week
The average annual interest rates charged on popular types of credit cards wavered this week, after dropping for the last four weeks, according to Bankrate.com Tuesday.
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 slipped to 11.44 percent, from 11.47 percent the week before.
But, for cash back cards, which feature cash or other reward incentives and generally require a good-to-excellent credit rating for approval, the average APR rose to 13.61 percent from 13.54 percent.
Balance transfer cards, which allow consumers to consolidate outstanding debt from one or more cards and sometimes include a low introductory rate, saw their average annual percentage rate drop to 13.14 percent, from 13.28 percent the week before.
But, for cash back cards, which feature cash or other reward incentives and generally require a good-to-excellent credit rating for approval, the average APR rose to 13.61 percent from 13.54 percent.
Balance transfer cards, which allow consumers to consolidate outstanding debt from one or more cards and sometimes include a low introductory rate, saw their average annual percentage rate drop to 13.14 percent, from 13.28 percent the week before.
