Research and Statistics

Credit card interest rates remain at 14.96% for fifth week


July 24, 2013: Interest rates on new credit card offers remained unchanged Wednesday for the fifth consecutive week, according to the Weekly Credit Card Rate Report.Credit card interest rates remain at 14.96 percent for fifth week

The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Learn more about our advertising policy.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Please see the bank’s website for the most current version of card offers; and please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.’s Weekly Rate Report
Avg. APRLast week 6 months ago
National average14.96%14.96%14.95%
Low interest10.37%10.37%10.29%
Balance transfer12.39%12.39%12.59%
Cash back14.85%14.85%14.17%
Instant approval28.00%28.00%15.49%
Bad credit23.64%23.64%23.64%
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: July 24, 2013

Interest rates on new credit card offers remained unchanged Wednesday for the fifth consecutive week, according to the Weekly Credit Card Rate Report.

Rates on all 100 cards tracked by stayed the same this week. As a result, the national average annual percentage rate (APR) remained fixed at 14.96 percent.

Promotional offers — including 0 percent balance transfer offers and introductory APRs — were also unchanged.

This week marks the 22nd week this year that interest rates have remained flat. Credit card issuers have been slow to change card offers for most of 2013.

For a brief period, card issuers were more active. Between April 24 and June 19, for example, the national average spiked three times and fell twice as card issuers tested new APRs on a select number of cards. The activity didn’t last long, however. Most card offers haven’t changed since June.

Issuers dial back summertime marketing
Credit card terms aren’t the only items receiving less attention this summer. Issuers also spent considerably less money on direct mail offers last month — a sign that they may be dialing back marketing efforts after ramping up briefly in May.

Twelve percent fewer offers were mailed to consumers’ homes in June, according to a research note released July 22 by the financial services firm Credit Suisse, which cited Mintel Comperemedia research.

Issuers substantially increased the number of glossy mailings sent to consumers’ homes earlier this summer, but then cut back significantly the following month.

Overall, 328 million targeted offers were mailed in June — down from 360 million offers in May.

The cutbacks aren’t nearly as much as those made in 2012, however. Despite the month-over-month drop in credit card mailings between May and June, the total number of offers sent last month is still slightly above average for 2013.

So far, card issuers have mailed, on average, about 327 million offers per month over the first six months of 2012.

That’s significantly above the amount mailed in 2012, when issuers were spending far less money on direct mail. Overall, consumers have received about 23 percent more offers this year than in the first six months of 2012.

Last year, the number of offers were dialed back by nearly half and issuers instead focused on other, cheaper methods for marketing cards to new customers.

“Last year was characterized by a significant slowdown in mail volume as the two largest mailers in 2011 (Citibank and Chase) notably slowed,” wrote Credit Suisse Analysts Moshe Orenbuch and Meredith Roscoe in Monday’s note.

This year, issuers — especially Citibank — are competing more fiercely for new accounts and are pouring far more resources into attracting new cardholders, say analysts. (Mailing offers directly to consumers’ homes is particularly expensive compared to other forms of credit card marketing.)

“Competitiveness among the large commercial banks has increased,” wrote Orenbuch and Roscoe in the note.

Citibank, specifically, has sent the largest number of mailings over the past 12 months, according to CreditSuisse.

In June, the majority of offers consumers received were from Citi. New card offers from Capital One, Discover and American Express also made up a substantial portion of the offers landing in consumers’ mailboxes.

Overall, issuers are expected to mail about 3.6 billion offers by the end of 2013, according to analysts at CreditSuisse — up from 3 billion in 2012.

Issuers still aren’t spending nearly as much money on direct mail offers as they did before the recession, however.

In 2007, for example, issuers mailed 7.2 billion offers, according to data released by Credit Suisse. In 2006, issuers sent 8.1 billion offers — more than twice the number of offers that issuers are projected to send in 2013.

The smaller number of offers that issuers now mail underscores just how much the financial services industry has changed since the recession.

Credit card issuers are slowly loosening their standards for new cardholders and reaching out to a broader pool of applicants. However, they are still very cautious about the amount of risk they’re willing to take on attracting — and accepting — new customers.

See related:Credit reports now show your credit card bill-paying habits, Card delinquencies hit 22-year lows

What’s up next?

In Research and Statistics

Infographic: Parents shelling out more on kids’ summer fun

Parents are willing to pay up to keep their children busy this summer, according to July’s American Express Spending & Saving Tracker

Published: July 24, 2013

See more stories
Credit Card Rate Report Updated: August 14th, 2019
Cash Back

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.