June 5, 2013

CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates fall to 14.95 percent

Austin, Texas—Interest rates on new credit card offers slipped 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 14.95% 14.98% 14.96%
Low Interest 10.37% 10.37% 10.40%
Balance Transfer 12.39% 12.48% 12.62%
Business 12.98% 12.98% 13.13%
Student 13.16% 13.16% 13.31%
Cash Back 14.85% 14.95% 14.30%
Airline 14.63% 14.63% 14.63%
Reward 14.78% 14.82% 14.80%
Instant Approval 28.00% 28.00% 15.49%
Bad Credit 23.64% 23.64% 23.64%
Source: CreditCards.com
Updated: 6-05-13

The national average annual percentage rate (APR) fell to 14.95 percent Wednesday after Chase dropped its test offer on the Chase Freedom card.

Previously, consumers who applied for the Chase Freedom card were offered either a range of possible APRs or a flat APR of 16.99 percent. Now, applicants will see just a range, starting at 13.99 percent and topping out at 22.99 percent.

Chase did not respond to a request for comment on the cash-back card’s recent changes.

The sporting goods store Cabela’s also made a minor APR change this week. The international retailer revised the maximum APR on the Cabela’s Club Visa card from 18.19 percent to 18.18 percent. The card’s rate is indexed to the one-month Libor rate, which fell.

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:

###

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