Average annual percent rates for platinum, intro purchase, and reward cards remain listless. June 23, 2004: 2:35 PM EDT
NEW YORK (CNN/Money) - Credit card interest rates were dormant the week ended June 22, with the average annual percentage rate, or APR, for platinum cards clinging to their month-long 11.06 percent average.
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"The average rates have remained unchanged due to the unchanged prime rate," said Michelle Grabow, credit card research manager at Informa Research Services, Inc.
"I don't expect to see many changes until the prime rate changes. Even then there may be a delay in changes since 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 held on 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 clung to their 12.07 percent average rate but had a range of 6.45 percent to 16.9 percent. Again, rates have not moved in over a month.
Below are APRs as well as 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 22, 2004
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