June 19, 2013

CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates climb to 14.96 percent

Austin, Texas—Interest rates on new credit card offers rose this week for the first time in more than a month, 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% 14.95% 14.96%
Low Interest 10.37% 10.37% 10.40%
Balance Transfer 12.39% 12.39% 12.62%
Business 12.98% 12.98% 13.13%
Student 13.16% 13.16% 13.31%
Cash Back 14.85% 14.85% 14.30%
Airline 14.63% 14.63% 14.63%
Reward 14.79% 14.78% 14.80%
Instant Approval 28.00% 28.00% 15.49%
Bad Credit 23.64% 23.64% 23.64%
Source: CreditCards.com
Updated: 6-19-13

The national average annual percentage rate (APR) climbed to 14.96 percent Wednesday after Chase boosted the APR on one of the issuer's hotel rewards credit cards.

Cardholders who qualify for the Marriott Rewards Visa card from Chase will now be offered an APR of 15.24 percent. Previously, consumers were offered a 14.24 percent APR, which is just slightly below the national average.

Chase spokesman Rob Tacey declined to comment specifically on the change. However, he said cardholders are free to shop around for a better fit. "Chase offers a number of cards with different rates and benefits," wrote Tacey in an email. "Which is why we encourage customers to choose the card that is best for them."

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:


CreditCards.com, Austin
Ben Woolsey, 512-996-8663, ext. 106
Director of Marketing

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

Source: CreditCards.com