APRs for platinum and reward cards rise modestly, but intro purchase card rates ease. August 11, 2004: 10:15 AM EDT
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NEW YORK (CNN/Money) - Credit card interest rates were mixed the week ended Aug. 3, with the average annual percentage rate, or APR, for platinum cards rising to 10.81 percent from 10.78 percent the previous week.
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 10.81 percent.
"The rates for platinum and rewards cards increased in response to the prime rate change," said Michelle Grabow, credit card research manager at Informa Research Services, Inc. "The intro purchase rates pulled back due to some minor adjustments by a few issuers."
Rates for introductory purchase credit cards eased to a 2.15 percent average, down from 2.19 percent the week prior, and stood at 2.22 percent a month earlier. For the week ended Aug. 3, rates ranged from zero percent to 9.9 percent.
Reward, or incentive-based, credit cards advanced to an 11.9 percent average with a range of 5.9 percent to 16.9 percent. Rates stood at 11.84 percent the previous week and 11.82 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.
