APRs for platinum and reward cards pull back modestly, but intro purchase card rates unchanged. July 29, 2004: 10:42 AM EDT
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NEW YORK (CNN/Money) - Credit card interest rates were little changed the week ended July 27, with the average annual percentage rate, or APR, for platinum cards easing to 10.78 percent from 10.83 percent the previous week.
"Credit card rates have not really changed much," said Michelle Grabow, credit card research manager at Informa Research Services, Inc. "The slight reduction in Informa's national averages is due to the addition of a few prime plus zero percent offers to the database."
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 Research Services. A month earlier, the average rate stood at 10.83 percent.
Rates for introductory purchase credit cards held steady at 2.19 percent average, unchanged from the week prior, and stood at 2.23 percent a month earlier. For the week ended July 27, rates ranged from zero percent to 9.9 percent.
Reward, or incentive-based, credit cards dipped to a 11.84 percent average with a range of 5.9 percent to 16.9 percent. Rates stood at 11.87 percent the previous week and 11.79 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 27, 2004
