Report: Average U.S. Variable Credit Card Interest Rates Up to Record 14.37 Percent
The average interest rates on credit cards with variable rates moved up 0.09 percent to a record 14.37 percent, according to Bankrate.com’s weekly national survey of large banks and thrifts conducted June 9, 2010.
The average national interest rate on credit cards with fixed rates remained unchanged at 13.70% for the 12th consecutive week, according to the survey.
Both the fixed and variable averages are at their highest levels since Bankrate.com began publishing its credit card index in 2005.
This coming week Congress will start working on merging the two financial reform bills passed earlier by the House and the Senate. Credit card companies are lobbying hard against an amendment in the Senate bill, that would limit interchange fees on debit card transactions and allow retailers to offer customers a discount for using other payment methods.
(Via Bankrate.com)
