April 10, 2013

CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates remain at 14.95 percent

Austin, Texas—Interest rates on new credit card offers remained at 14.95 percent once again this week, according to the CreditCards.com Weekly Credit Card Rate Report.

The average 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. Introductory (teaser) rates are not included in the calculation.

Rates for card categories tracked by CreditCards.com are listed below:

Credit Card Rate Averages
  Avg. APR Last Week 6 Months ago
National Average 14.95% 14.95% 15.00%
Low Interest 10.29% 10.29% 10.40%
Balance Transfer 12.59% 12.59% 12.62%
Business 13.13% 13.13% 13.13%
Student 13.16% 13.16% 13.16%
Cash Back 14.13% 14.13% 14.47%
Airline 14.63% 14.63% 14.63%
Reward 14.75% 14.75% 14.84%
Instant Approval 15.49% 15.49% 15.49%
Bad Credit 23.64% 23.64% 23.64%
Source: CreditCards.com
Updated: 4-10-13

This is the eighth consecutive week that card offers for consumers with excellent credit remained unchanged. None of the issuers tracked by CreditCards.com made changes to a card’s best available interest rate.

One issuer did hike rates on card offers for consumers with lower scores. The changes didn’t affect the national average, however, because CreditCards.com considers only a card’s lowest rate when calculating average interest rates.

Discover widened the range of possible APRs on the majority of cards it offers online by raising the maximum possible rate on each card by 3 percentage points.

Discover’s flagship “it” card, for example, previously featured a maximum rate of 19.99 percent. Cardholders may now qualify for an APR as high as 22.99 percent.

The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) is conducted weekly, using offer data from the leading U.S. card issuers' websites. Introductory offer periods and regular interest rates will vary with applicants' credit quality and issuer risk-based pricing policies.

About CreditCards.com
CreditCards.com is the leading online credit card marketplace connecting consumers with multiple credit card issuers, including a majority of the 10 largest in the United States, based on credit card transaction volume. CreditCards.com, https://www.creditcards.com, enables consumers to search for, compare and apply for credit cards and offers credit card issuers an online channel to acquire qualified applicants.

For more information, contact:

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Contact:
CreditCards.com, Austin
Ben Woolsey, 512-996-8663, ext. 106
Director of Marketing
benw@creditcards.com

NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.

Source: CreditCards.com