Interest Rate Roundup
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- 13.81% (all fixed)
- 14.52% (all variable)
Credit card rates remained unchanged this week, according to Bankrate's latest survey of interest rates. The average annual percentage rate, or APR, for variable-rate credit cards stayed steady at 14.52 percent for the fourth week in a row. The fixed APR didn't move from 13.81 percent, where it has been since the beginning of March.
A New Jersey appeals court said this week consumers can't take credit card companies to court if their card agreements contain arbitration clauses. These nearly ubiquitous clauses stipulate consumers must use arbitration to resolve disputes with their issuers rather than going to court or participating in a class-action lawsuit.
Consumer advocates say issuers win arbitration cases more often, and the proceedings cost consumers more. The issuers contend that arbitration saves money for them and their customers by avoiding costly litigation.
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