Annual percent rates for platinum cards firm, intro purchase cards ease but reward cards edge up. July 15, 2004: 10:15 AM EDT
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NEW YORK (CNN/Money) - Credit card interest rates were mixed the week ended July 13, with the average annual percentage rate, or APR, for platinum cards holding steady at 10.81 percent.
"Credit card rates have remained stable due to the fact that most cards are based on a lagged Prime Rate," said Michelle Grabow, credit card research manager at Informa Research Services.
"Therefore, we won't see significant rate increases until the card offers have had a chance to catch up to the Prime Rate increase."
Interest rates on platinum credit cards ranged from a low of 4 percent to a high of 19.99 percent for the week, according to Informa. A month earlier, the average rate stood at 11.06 percent.
Rates for introductory purchase credit cards pulled back modestly to a 2.21 percent average from 2.22 the previous week and are off their 2.75 percent average held only a month earlier. For the week ended July 13, rates ranged from zero percent to 9.9 percent.
Reward, or incentive-based, credit cards rose to a 11.85 percent average with a range of 5.9 percent to 16.9 percent. Rates stood at 11.82 percent the week prior and 12.07 percent a month earlier.
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 13, 2004
