July 9, 2014
Austin, Texas—Interest rates on new card offers rose Wednesday for the second consecutive 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) inched up to 15.03 percent this week, after increasing to 15.02 percent the previous week.
Chase spurred this week's rate change by hiking the APRs on two of its travel rewards cards. Chase boosted the APR on the United MileagePlus Explorer card from 15.24 percent to 15.99 percent.
It made the same change to the IHG Rewards Club Select credit card, which also charged cardholders a single APR of 15.24 percent. Applicants who apply for the hotel rewards card will now be charged a flat APR of 15.99 percent.
This is the fourth time in just over three months that Chase has adjusted APRs on cards tracked by CreditCards.com.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:
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.