Interest Rate Roundup
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- 13.81% (all fixed)
- 14.56% (all variable)
The average annual percentage rate, or APR, for variable-rate credit cards increased 4 basis points to 14.56 percent from 14.52 percent, according to Bankrate's latest survey of interest rates. A basis point is one-hundredth of 1 percentage point. The fixed APR remained at 13.81 percent, where it has stayed since the beginning of March.
The Consumer Financial Protection Bureau on Monday ordered American Express to refund $85 million to 250,000 credit card holders for a host of illegal practices. The issuer also must pay a $27.5 million penalty. The CFPB said the company withheld a sign-on bonus from some eligible cardholders, charged illegal late fees, discriminated on the basis of age and misled consumers about the benefits of paying old debt.
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