February 19, 2014
Austin, Texas—Interest rates on new credit card offers inched up 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|
The national average annual percentage rate (APR) rose to 15.01 percent Wednesday after remaining at 15 percent for three weeks. This is the first time rates have increased since November 2013.
Unlike previous rate increases, however, this week's change was due to a minor reshuffling of the CreditCards.com database. Occasionally, CreditCards.com swaps out cards in order to more accurately reflect the current card market.
This week, CreditCards.com replaced several Discover cards that the issuer is no longer promoting online. "Currently, all of our online marketing is geared toward the Discover 'It' card," confirmed Discover card spokesman Matthew Towson in an email.
Cardholders who wish to apply for an alternative Discover card, such as the Miles card, can still apply by phone by calling 1-800-Discover.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.
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:
Daniel P. Ray
Editor in chief
NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.