November 21, 2012

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas—Interest rates on new credit card offers remained static 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 14.96% 14.96% 14.91%
Low Interest 10.40% 10.40% 10.40%
Balance Transfer 12.62% 12.62% 12.43%
Business 13.13% 13.13% 12.67%
Student 13.31% 13.31% 13.77%
Cash Back 14.30% 14.30% 14.24%
Airline 14.63% 14.63% 14.63%
Reward 14.80% 14.80% 14.70%
Instant Approval 15.49% 15.49% 15.49%
Bad Credit 23.64% 23.64% 23.64%
Source: CreditCards.com
Updated: 11-21-12

The national average APR remained at 14.96 percent Wednesday, after dropping below 15 percent the previous week for the first time in more than two months.

One issuer, Bank of America, increased the maximum possible APR on its cash rewards card for baseball fans by 2 percentage points. However, the change didn’t affect the national average because CreditCards.com only considers a card’s lowest possible rate when calculating average interest rates.

The MLB BankAmericard Cash Rewards card previously advertised an APR range of 12.99 percent to 20.99 percent. The card now features a somewhat wider range of possible APRs, starting at 12.99 percent and topping out at 22.99 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.

 

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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