At a national level, consumers who have considered opening new accounts so that they could take on credit card debt in recent weeks may have noticed that the interest rates have remained at the same level for weeks.
According to the latest national weekly survey of credit card rates by consumer financial news website Bankrate, the national average for APRs on both fixed-rate and variable-rate credit cards held steady for the sixth consecutive week. The national average rates for fixed credit cards stayed at 13.74 percent, while those for variable-rate cards were also immobile at 14.31 percent.
Interest rates for both types of cards have been largely static for months. APRs for fixed cards haven’t moved in nearly four and a half months, when they rose slightly in the last week of March. Variable-rate cards have been slightly more volatile, rising a bit at the end of June after increasing sharply in mid-May.
Many experts predicted that credit card lenders would boost rates for new customers after the expiration of introductory APRs, but a new study recently found that this has not been the case.