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Credit card interest rates for May 2, 2013

Janna Herron

Interest Rate Roundup

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Credit Cards

  • 13.02% (all fixed)
  • 15.24% (all variable)

The average annual percentage rate, or APR, for variable-rate credit cards fell 3 basis points to 15.24 percent from 15.27 percent, according to Bankrate's latest survey of interest rates. A basis point is one-hundredth of 1 percentage point. The APR for fixed-rate cards remained at 13.02 percent for the 11th straight week.

The Consumer Financial Protection Bureau amended a federal regulation to make it easier for stay-at-home spouses and partners to get a credit card. The change allows credit card issuers to approve a nonworking applicant based on income he or she shares with a spouse or partner. The amendment reverses an earlier Federal Reserve ruling on a specific provision in the Credit Card Accountability, Responsibility and Disclosure, or CARD, Act of 2009, which was intended to protect college students from getting credit cards based on their parents' income and racking up debt.

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