June 4, 2014
Austin, Texas—Interest rates on new card offers remained at 15.01 percent Wednesday for the fifth consecutive 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|
This is the 37th consecutive week that average rates have remained above 15 percent. They began the year at 15.06 percent and then dropped to 15 percent in the final week of January. Since then, they've mostly hovered between 15 percent and 15.01 percent for nearly all of 2014.
Issuers have been reluctant to change rates for most of this year. The national average, for example, has changed just five times since Jan. 1. Issuers usually change promotional terms more frequently. However, most issuers left introductory APRs alone this week.
Bank of America reintroduced a test offer on the MLB BankAmericard. Now, some Major League Baseball fans will no longer be offered interest-free balance transfers.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.
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:
Senior Industry Analyst
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.