Average annual percent rates for platinum, intro purchase, and reward cards are motionless. June 8, 2004: 12:29 PM EDT
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NEW YORK (CNN/Money) - Credit card interest rates showed no movement for the week ended June 1, with the average annual percent rate, or APR, for platinum cards clinging to their month-long 11.06 percent average.
"Most of the players in the credit card arena have already hit their 'floor rate,' meaning they aren't likely to go any lower," said Michelle Grabow, credit card research manager at Informa Research Services, Inc.
"Until the Fed changes the Prime Rate, credit cards rates should stay fairly constant."
Interest rates on platinum credit cards ranged from a low of 4.00 percent to a high of 23.99 percent for the week, according to Informa.
Rates for introductory purchase credit cards stuck with their 2.75 percent average, showing no movement for over a month, with a range of 0 percent to 9.9 percent.
Reward, or incentive-based, credit cards also held on to their 12.07 percent average rate but had a wide range of 6.45 percent to 16.9 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 June 1, 2004
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