National Average Credit Card Interest Rates

Published on: Thu, Oct 1, 2009

For the past five weeks average credit card interest rates on purchases has remained flat. For all fixed-rate cards the mean APR stood at 12.34%, and the average variable rate held to 11.37%.

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For standard cards the average fixed-rate held at 13.46%, and standard-variable rates stood at 11.41%.

Last week, a legislation has been introduced by two congressmen that would push the implementation date for the remainder of the CARD Act provisions to Dec. 1.

Credit Card Act

In addition to this, the Federal Reserve Board proposed rules on Tuesday. These rules would implement the provisions in the CARD Act that take effect in February. Final regulations have been adopted by the Federal Reserve addressing unfair credit card practices in December 2008, but to include provisions in the CARD Act it is changing those rules, such as fee limits for subprime cards and a requirement that issuers have to obtain consent before they impose fees on over limit transactions.

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