January 7, 2015

CreditCards.com Weekly Credit Card Rate Report: Average card rates slide to 14.89 percent

Austin, Texas— Average rates on new credit card offers fell Wednesday for the second straight 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 14.89% 14.91% 15.03%
Low Interest 10.24% 10.37% 10.37%
Balance Transfer 12.80% 12.86% 12.64%
Business 12.85% 12.85% 12.80%
Student 13.14% 13.14% 13.27%
Cash Back 14.91% 14.94% 14.91%
Airline 15.52% 15.52% 15.46%
Reward 14.89% 14.89% 15.00%
Instant Approval 23.33% 23.33% 28.00%
Bad Credit 22.73% 22.73% 22.73%
Source: CreditCards.com
Updated: 1-7-15

The national average annual percentage rate (APR) dropped to 14.89 percent Wednesday after Pentagon Federal Credit Union lowered the minimum APR on one of its low interest credit cards.

The PenFed Promise Visa previously featured a flat APR of 9.99 percent. Applicants are now offered a range of APRs, starting at 7.99 percent and maxing out at 16.99 percent. The credit union also eliminated the card's promotional APR of 7.49 percent.

Meanwhile, the sporting goods store Cabela's made a small rate change to the Cabela's Club Visa, but the 0.01 percent increase was too small to significantly affect the national average. Cardholders are now offered a range of APRs starting at 15.16 percent and topping out at 21.16 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:


Matt Schulz
Senior Industry Analyst
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