Annual percent rates for platinum, intro purchase cards ease but reward card rates seep higher. July 8, 2004: 3:23 PM EDT
NEW YORK (CNN/Money) - Credit card interest rates were mixed the week ended July 6, with the average annual percentage rate, or APR, for platinum cards easing to 10.81 percent from 10.83 percent the week prior.
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"We are starting to see some credit card rates rise in response to the increase in the prime rate," said Michelle Grabow, credit card research manager at Informa Research Services. "This increase should show up in the credit card rates in the following week."
Interest rates on platinum credit cards ranged from a low of 4.00 percent to a high of 19.99 percent for the week, according to Informa.
Rates for introductory purchase credit cards pulled back to a 2.22 percent average from 2.23 the previous week. For the week ended July 6, rates ranged from zero percent to 9.9 percent.
Reward, or incentive-based, credit cards rose to a 11.82 percent average with a range of 5.9 percent to 16.9 percent. Rates stood at 11.79 percent the week prior.
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 tool above.
Credit Cards: Top 5 National Issuers* As of July 6, 2004
