July 24, 2013

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

Austin, Texas—Interest rates on new credit card offers held steady 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 14.96% 14.96% 14.95%
Low Interest 10.37% 10.37% 10.29%
Balance Transfer 12.39% 12.39% 12.59%
Business 12.98% 12.98% 13.13%
Student 13.16% 13.16% 13.31%
Cash Back 14.85% 14.85% 14.17%
Airline 14.63% 14.63% 14.63%
Reward 14.79% 14.79% 14.75%
Instant Approval 28.00% 28.00% 15.49%
Bad Credit 23.64% 23.64% 23.64%
Source: CreditCards.com
Updated: 7-24-13

Rates on all 100 cards tracked by CreditCards.com stayed the same this week. As a result,  the national average annual percentage rate (APR) remained fixed at 14.96 percent.

Promotional offers -- including 0 percent balance transfer offers and introductory APRs --were also unchanged.

This week marks the 22nd week this year that interest rates have remained flat. Credit card issuers have been slow to change card offers for most of 2013.

For a brief period, issuers were more active. Between April 24 and June 19, for example, the national average spiked three times and fell twice as card issuers tested new APRs on a select number of cards. The activity didn't last long, however. Most offers haven't changed since June.

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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Contact:
CreditCards.com, Austin
Ben Woolsey, 512-996-8663, ext. 106
Director of Marketing
benw@creditcards.com

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

Source: CreditCards.com