July 23, 2014

CreditCards.com Weekly Credit Card Rate Report: Average card rates remain unchanged

Austin, Texas—Interest rates on new card offers didn't budge 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 15.03% 15.03% 15.06%
Low Interest 10.37% 10.37% 10.46%
Balance Transfer 12.64% 12.64% 12.55%
Business 12.80% 12.80% 12.98%
Student 13.27% 13.27% 13.27%
Cash Back 14.91% 14.91% 14.62%
Airline 15.46% 15.46% 14.51%
Reward 15.00% 15.00% 14.91%
Instant Approval 28.00% 28.00% 28.00%
Bad Credit 22.73% 22.73% 23.48%
Source: CreditCards.com
Updated: 7-23-14

The national average annual percentage rate (APR) remained at 15.03 percent.

This is the second week in a row that issuers left credit card interest rates unchanged. Promotional APRs and introductory balance transfer offers were also left untouched.

Issuers rarely modify interest rates these days. The national average APR, for example, has changed just seven times since Jan. 1.

Over the past seven months, average APRs have declined somewhat as the national average APR began the year at 15.06 percent. But year-over-year, average card rates are higher this year than they were the previous summer. On July 23, 2013, for example, the national average APR was 14.96 percent.

Average APRs rose to 15.02 percent in late September. They haven't fallen below 15 percent since.

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