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Card interest rates remain locked at 15.01 percent

Summary

March 26, 2014: Average rates on new credit card offers held steady this week, according to the CreditCards.com Weekly Credit Card Rate Report.

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CreditCards.com’s Weekly Rate Report
Avg. APRLast week 6 months ago
National average15.01%15.01%15.02%
Low interest10.33%10.33%10.46%
Balance transfer12.66%12.66%12.49%
Business12.98%12.98%12.98%
Student13.27%13.27%13.27%
Cash back14.84%14.84%14.62%
Airline15.30%15.30%14.51%
Reward14.97%14.97%14.86%
Instant approval28.00%28.00%28.00%
Bad credit22.73%22.73%23.48%
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.
Source: CreditCards.com
Updated: March 26, 2014

Average rates on new credit card offers held steady this week, according to the CreditCards.com Weekly Credit Card Rate Report.

The national average annual percentage rate (APR) lingered at 15.01 percent Wednesday for the sixth consecutive week.

None of the issuers tracked by CreditCards.com altered interest rates this week. However, that’s nothing new.Card issuers rarely change interest rates these days. As a result, the national average has remained just above 14.9 percent for the past two years.

In the rare instances that issuers have altered interest rates, they have increased rates more times than decreased them, according to CreditCards.com data.

As a result, the national average has slowly ticked up in recent years. The last time average rates on new card offers fell below 14 percent was in January 2010.

Credit card mailings up, year-over-year
Despite leaving credit card terms, such as card APRs, largely unchanged, issuers are sending out more offers these days, according to new data from the market research firm Mintel Comperedia. In some cases, issuers are also sweetening the offers they send.

According to data released March 21, issuers mailed approximately 10 percent more offers in February than the previous year.

Card issuers also courted new cardholders more aggressively by sending out a larger number of offers with some type of interest-free promotion. Among the 301 million card offers mailed in February, 232 million featured a 0 percent APR on purchases — up from 226 million offers in 2013.

Meanwhile, 225 million offers touted a 0 percent balance transfer deal. That’s up from 191 million card offers the year before.

Analysts at the financial services firm Credit Suisse say competition between credit card issuers is increasing and could get fiercer as the year goes on. As a result, analysts predict substantially more offers will be mailed in 2014 than in 2012 and 2013.

In 2013, issuers mailed approximately 3.9 billion offers — up from 3 billion offers in 2012. Analysts at Credit Suisse forecast that number will rise to 4.9 billion offers in 2014 — 1 billion more than last year.

If Credit Suisse’s prediction holds true, card issuers will send out more offers this year than they have since 2008. Despite the measurable increase, consumers still won’t see nearly as many offers as they did before the recession. In 2006, for example, card issuers mailed 8.1 billion offers — more than twice the number of offers they sent last year.

See related:Fed holds course toward higher interest rates

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Credit card interest rates remain at 15.01 percent

March 19, 2014: Average rates on new credit card offers remained stuck at 15.01 percent Wednesday for the fifth straight week, according to the CreditCards.com Weekly Credit Card Rate Report

Published: March 19, 2014

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Credit Card Rate Report Updated: May 23rd, 2019
Business
15.61%
Airline
17.50%
Cash Back
17.60%
Reward
17.62%
Student
17.79%

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