July 31, 2013

CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates hold at 14.96 percent

Austin, Texas—Interest rates on new credit card offers remained stuck at 14.96 percent Wednesday, 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: 7-31-13

This is the sixth consecutive week that the national average annual percentage rate (APR) remained unchanged.

Most credit card issuers left interest rates alone this week. Chase tested a new Web offer on the Chase Slate card. However, the issuer's most recent offer -- which is 1 percentage point above its earlier rate -- didn't affect the national average because the card's lower rate offer is still available.

Previously, applicants who accessed the Slate card online were offered an APR range of 11.99 percent to 21.99 percent. Now, some applicants may be offered a slightly higher range of possible APRs, starting at 12.99 percent and topping out at 22.99 percent.

Credit card issuers frequently test new online offers by temporarily offering multiple rates.

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