0 Percent Balance Transfer Cards 15 Months

Credit card interest rates unchanged, stay near record highs

While rates remain stable for now, they are still near record levels, according to the basic information CreditCards.com card. The national average has hovered over 14.6 percent for the last 14 weeks, reaching a record high of 14.78 percent in mid-November. Before last October, the average national APRM has exceeded 14.6 percent only once in more than three years.

No movement of banks or the Fed, we found no change in April for one of the cards in our database this week, but we saw that a few banks adjusted promotional offers on their cards. Citi, for example, reduces the duration of its offer 0-percent introductory transfer balance on his card Platinum Select from 21 months to 18 years.

Meanwhile, the U.S. government has decided to leave interest rates alone this week as well. The Federal Reserve announced Wednesday it would leave its key interest rate (called the federal funds rate) at a distance of 0 percent to 0.25 percent.This ruling means the prime rate will remain at 3.25 percent. The prime rate is an indication of the interest rate APR credit cards with variable rates - - which constitute the vast majority of cards being held and offers new map of the United States - are linked.

The announcement on Wednesday means that if changes April of your card, the bank will be done, not the Fed. Credit Card Act of 2009 allows changes in April based on the Fed's moves to be passed on to consumers immediately. In addition, the law limits the circumstances under which lenders can raise rates.If a cardholder makes a major mistake - for example, paying 60 days late on an account - then lenders may hike rates to the borrower. However, if they choose to hike rates a cardholder for another reason, the Act says the card issuer must give 45 days notice.

interest rate caps proposed While some legislators had their way, the CARD Act would have also included an absolute ceiling on interest rates. Such a measure has been discussed but was not part of the final invoice. However, a member is trying again to raise the cap.

For the third time since 2008, Rep.Maurice Hinchey, D-NY, introduced a bill last week to cap interest rates on credit cards, including credit cards to consumers with average or poor.