October 2, 2013

CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates remain at 15.02 percent

Austin, Texas—Average rates on new credit card offers remained flat 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 15.02% 15.02% 14.95%
Low Interest 10.46% 10.46% 10.29%
Balance Transfer 12.49% 12.49% 12.59%
Business 12.98% 12.98% 13.13%
Student 13.27% 13.27% 13.16%
Cash Back 14.62% 14.62% 14.13%
Airline 14.51% 14.51% 14.63%
Reward 14.86% 14.86% 14.75%
Instant Approval 28.00% 28.00% 15.49%
Bad Credit 23.48% 23.48% 23.64%
Source: CreditCards.com
Updated: 10-2-13

The national average annual percentage rate (APR) remained unchanged Wednesday after rising the previous week to 15.02 percent. Last week was the first time all year that the average rate rose above 15 percent.

This week, Barclays floated a higher offer on the NFL ExtraPoints card. However, the 14.99 percent APR didn't affect the national average because the card's lower rate of 13.74 percent is still available to some applicants. Card issuers frequently test new offers by temporarily offering alternative rates.

Pentagon Federal Credit Union also edited terms this week. The credit union added a $25 annual fee to the PenFed Platinum Cash Rewards Visa. For a limited time, applicants may qualify for the card's fee-free Plus version if they apply for an additional financial product.

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