Average card rates fall to 15.05 percent
|CreditCards.com's Weekly Rate Report
||6 months ago
|Methodology: The national average credit card APR is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed above. Introductory, or teaser, rates are not included in the calculation.
|Updated: Sept. 24, 2014
rates on new credit card offers dipped this week for the first time in more
than five months, according to the CreditCards.com Weekly Credit Card Rate
national average annual percentage rate (APR) fell to 15.05 percent Wednesday
after remaining stuck at 15.06 percent for four weeks.
previous rate changes, however, this week's change was due to a reshuffling of
the CreditCards.com database rather than a change in terms.
no longer offering the Citi Dividend Card for College Students online or over
the phone. The card was replaced in the database with a similar cash-back card:
the Discover "it" Chrome for Students card. The new Chrome card was
introduced to the market earlier this year and advertises a slightly lower
minimum APR of 12.99 percent. The card also features a 0 percent promotional
APR for six months.
Economic growth slips in August
The U.S. economy faced moderate headwinds last month and its growth slowed, according to research from the Federal Reserve.
Federal Reserve Bank of Chicago reported Monday that its National Activity
Index, which measures overall economic activity, fell in August after
accelerating the previous month.
to the report, last month's economic slump was largely driven by a slowdown in
manufacturing. Employment-related indicators, such as the number of jobs that
were created in August, were also somewhat weaker. According to the Labor Department, the economy added just 142,000 jobs last month --
well below the previous month's reading of 212,000 jobs
Federal Reserve also reported that its personal consumption and housing
indicator improved somewhat in August after consumer spending fell in July. But
personal consumption is still well below historical standards -- indicating
that many Americans have yet to regain their appetite for heavy spending.
Faster growth expected
last month's mild slowdown, some experts predict that economic activity will
accelerate in the months ahead. However, they expect the pickup in growth to be
more modest than it was in the second quarter of 2014, when the economy expanded
at a faster clip.
leading indicators point to an economy that is continuing to gain traction, but
most likely won't repeat its stellar second quarter performance in the second
half," said economist Ken Goldstein in a news release about The Conference Board's own
Conference Board reported Friday that the group's Leading Economic Index --
which also measures economic activity -- rose slightly in August. But the
increase in activity was slower than the previous month, in part because of
sluggish housing and manufacturing orders.
See related: Fed holds course toward rate hike in 2015
Published: September 24, 2014