April 29, 2015

CreditCards.com Weekly Credit Card Rate Report: Average card rates inch higher

Austin, Texas — Interest rates on new card offers held steady Wednesday, 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 14.92% 14.92% 15.09%
Low Interest 11.62% 11.62% 10.37%
Balance Transfer 14.04% 14.04% 12.82%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.24%
Cash Back 15.26% 15.26% 14.98%
Airline 15.10% 15.10% 15.46%
Reward 15.04% 15.04% 15.07%
Instant Approval 17.93% 17.93% 28.00%
Bad Credit 22.73% 22.73% 22.73%
Source: CreditCards.com
Updated: 4-29-15

The national average annual percentage rate (APR) remained at 14.92 percent after increasing the previous week to its highest point in four months.

Despite last week's modest rate hike, average rates on new card offers are lower now than they were for most of 2014, thanks to issuers cutting rates on a select group of cards.

In November, Wells Fargo slashed the APR on two rewards cards, causing the national average APR to fall below 15 percent for the first time since 2013. Since then, several other issuers, including Pentagon Federal Credit Union, U.S. Bank and Capital One, have cut rates of certain cards.

Over the past six months, the national average APR has decreased seven times and increased just three times.

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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Matt Schulz
Senior Industry Analyst
matt.schulz@creditcards.com
512-996-8663, ext. 103

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

Source: CreditCards.com