Good news for consumers: on average, credit card annual interest rates fell for the third-straight week.
Overall, the average APR for variable-rate credit cards is 11.30 percent, which fell from 11.33 the week before.
For low-interest cards, which have rates below the national average and are given to people with strong credit, the average APR fell from 11.52 percent in the previous week to 11.50 percent.
For cash-back cards, which offer reward incentives and are usually offered to people with excellent credit, the average APR dropped from 13.77 percent last week to 13.70 percent this week.
Balance-transfer credit cards, which consolidate outstanding debt from other credit cards and usually offer a low introductory rate, dropped from 13.39 percent APR the week before to now 13.33 percent APR.
For more information, read Total Bankruptcy’s article, Paying Off Credit Card Debt.
Tags: credit card, credit card interest rates
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