Average annual percent rates for platinum, intro purchase, and reward cards refuse to budge. June 9, 2004: 3:33 PM EDT
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NEW YORK (CNN/Money) -
Credit card interest rates stood still the week ended June 8, with the average annual percent rate, or APR, for platinum cards holding on to their month-long 11.06 percent average.
"I do not expect to see movement in the credit card rates right away," said Michelle Grabow, credit card research manager at Informa Research Services, in response to the pending interest rate hike.
"Many credit cards base their rates on a monthly or quarterly index."
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 clung to 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 8, 2004
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