by 
The Curious Bag
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While it seems like most credit cards have a variable APR, this does not always hold true; however, variable APRs are the most popular type of interest rate for credit cards.
Identification
Not all credit cards have a variable annual percentage rate, reports the U.S. Federal Reserve. Some cards have a "fixed" rate, meaning it does not change.
Function
Variable APR credit cards almost always change their rates based on some financial index, such as the lending rate on U.S. Treasury bills, reports the Federal Reserve.
Fun Fact
Leslie McFadden of Bank Rate reports that two-thirds of all credit cards carry a variable APR.
Considerations
Even credit cards that use fixed rates may sometimes lower or raise their interest rate, only much less often than variable rate cards, reports the Federal Reserve. In addition, the credit card may have conditions in its policy that raise the interest rate when you miss a payment.
Potential
In 2009, the U.S. Congress passed credit card reform that limits the ability of a credit card company to change rates and terms on a fixed rate card. This means that most future credit cards will use variable rates, according to CreditCards.com.
Source:
US Federal Reserve: Choosing a Credit Card
Bank Rate; Fixed-rate Credit Cards Going Away?; McFadden, Leslie; 2009
CreditCards.com: Variable Interest Rate Cards Replacing Fixed Rates
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