July 30, 2014

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

Austin, Texas—Interest rates on new credit card offers remained untouched 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% 15.00%
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% 23.73%
Source: CreditCards.com
Updated: 7-30-14

None of the issuers tracked by CreditCards.com amended credit card terms this week. As a result, the national average annual percentage rate (APR) held steady at 15.03 percent Wednesday for the fourth consecutive week.

Issuers left promotional rates -- including interest-free balance transfers -- alone this week as well.

Issuers rarely modify interest rates these days. When they do, they usually change just a handful of cards. As a result, average card rates have hardly budged since Jan. 1.

For example, the national average began the year at 15.06 percent and then dropped to 15 percent at the end of January. Since then, rates have inched up somewhat -- but not by much. The national average APR for the year is currently 15.02 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:

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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