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Personal Finance > Credit & Debt
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Credit card rates flatten
Average APRs for platinum creeps fractionally higher; reward, intro purchase cards barely budge.
August 26, 2004: 4:44 PM EDT

Bankrate.com
 
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NEW YORK (CNN/Money) - Credit card interest rates were flat the week ended Aug. 24, with the average annual percentage rate, or APR, for platinum cards rising to 10.79 percent from 10.77 percent the previous week.

"Credit card rates remained unchanged with slight fluctuations due to additions and new offerings in our database," said Stephany Leonard, SVP of loan products research at Informa Research Services, Inc.

Interest rates on platinum credit cards ranged from a low of 4.25 percent to a high of 19.99 percent for the week, according to Informa Research Services. A month earlier, the average rate stood at 10.78 percent.

Weekly rates information
graphic
Mortgage rates ease
Credit card rates flatten
Savings rates steady

Rates for introductory purchase credit cards held steady at the 2.08 percent average, unchanged from last week, and stood at 2.19 percent a month earlier. For the week ended Aug. 24, rates ranged from zero percent to 9.9 percent.

Reward, or incentive-based, credit cards held on to their 11.87 percent average, unchanged from last week, with a range of 5.9 percent to 16.9 percent. Rates stood at 11.84 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.

Platinum Credit Cards:
Top 5 National Issuers*

As of August 24, 2004
Issuer Rate Balance Transfer Rate
Bank One 9.24% 0.00% 12 Mo
Chase 9.24% 0.00% 12 Mo
Citibank 7.99% 0.00% 12 Mo
Discover 13.99% 0.00% 12 Mo
MBNA 5.90% 5.90% Unlimited
*Top 5 Card Issuers ranked by credit card loans.
National Credit Card APRs*
As of August 24, 2004
  Avg High Low
Platinum card 10.79% 19.99% 4.25%
Reward card 11.87% 16.90% 5.90%
Intro. purch. rate 2.08% 9.90% 0.00%
*All banks, thrifts, and credit unions within the Informa Research Services database

Source: Informa Research Services, Inc., 800-848-0218. © 2004. All rights reserved. May not be reproduced or retransmitted in any form without express written consent of Informa Research Services, Inc.

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