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Credit card rates flat
Average annual percent rates for platinum, intro purchase, and reward cards remain unchanged.
May 12, 2004: 12:27 PM EDT

NEW YORK (CNN/Money) - Credit card interest rates were flat for the week ended May 11, with the average annual percent rate, or APR, for platinum cards standing at 11.06 percent, unchanged from the week prior.

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Interest rates on platinum credit cards ranged from a low of 4.00 percent to a high of 23.99 percent, according to Informa Research Services, but have maintained their 11.06 percent average for over a month.

Rates for introductory purchase credit cards clung to their 2.75 percent average, showing no movement for over a month, with a range of 0 percent to 9.90 percent.

Weekly rates information
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Banking rates mixed
Credit card rates flat
Mortgage rates rise

Reward, or incentive-based, credit cards also held on to their average rate, 12.07 percent, but had a wide range of 6.45 to 16.90 percent. Again, rates have not moved in over a month.

Below are rates for credit card balance transfers from the top five largest issuers. You can compare rates from more institutions with the rate-search tools above.

Credit Cards:
Top 5 National Issuers*

As of May 11, 2004
Issuer Balance Transfer Rate
Bank One 0.00% 12 Mo
Chase 0.00% 12 Mo
Citibank 0.00% 12 Mo
Discover 0.00% 10 Mo
MBNA 1.70% 6 Mo
*Top 5 Card Issuers ranked by credit card loans.
National Credit Card APRs*
As of May 11, 2004
  Avg High Low
Platinum card 11.06% 23.99% 4.00%
Reward card 12.07% 16.90% 6.45%
Intro. purch. rate 2.75% 9.90% 0.00%
*All banks, thrifts, and credit unions within the Informa Research Services database
Source: Informa Research Services, Inc., 800-848-0218. © 2004. All rights reserved. May not be reproduced or retransmitted in any form without express written consent of Informa Research Services, Inc.

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