Wednesday, July 30th 2014
CreditCards.com: Weekly Credit Card Rate Report
Austin, Texas — Interest rates on new credit card offers tiptoed higher this week, according to the CreditCards.com Weekly Credit Card Rate Report, marking the fourth consecutive weekly increase.
The average is composed of about 95 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed below. Introductory (teaser) rates are not included in the calculation. Among the nine card categories, average annual percentage rates (APRs) rose in two and were unchanged in seven.
Rates for card categories tracked by CreditCards.com are listed below:
The current stretch of APR increases is the longest in more than a year. This week, rates advanced after Citi switched its CitiForward card's APR from a range of 12.99 to 20.24 percent to a single rate of 14.24 percent. Because CreditCards.com's rates calculations are based on the low end of any ranges, the change to a single rate was viewed as an increase.
Additionally, Navy Federal Credit Union continued to adjust its offers, slightly boosting rates on its Cash Rewards Visa card and the top end of the APR range for its Platinum MasterCard.
The CreditCards.com credit card rate survey is conducted weekly, using offer data from the leading U.S. card issuers' Web sites. Introductory offer periods and regular interest rates will vary with applicants' credit quality and issuer risk-based pricing policies.
NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.
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