October 15, 2014

CreditCards.com Weekly Credit Card Rate Report: Average card rates remain unchanged at 15.07 percent

Austin, Texas— Average rates on new card offers didn't budge 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 15.07% 15.07% 15.00%
Low Interest 10.37% 10.37% 10.37%
Balance Transfer 12.82% 12.82% 12.64%
Business 12.80% 12.80% 12.80%
Student 13.24% 13.24% 13.27%
Cash Back 14.98% 14.98% 14.84%
Airline 15.46% 15.46% 15.30%
Reward 15.05% 15.05% 14.96%
Instant Approval 28.00% 28.00% 28.00%
Bad Credit 22.73% 22.73% 23.73%
Source: CreditCards.com
Updated: 10-15-14

The national average annual percentage rate (APR) remained at 15.07 percent Wednesday for the third consecutive week.   

None of the cards tracked by CreditCards.com advertised new interest rates. Promotional balance transfer offers and introductory APRs also remained unchanged.

Average rates on new card offers are currently near record highs. In September 2013, the national average APR rose to 15.02 percent after hovering between 14.96 percent and 14.99 percent for 10 months. It hasn't fallen below 15 percent since.

Average rates on new card offers have inched up every year since 2010 when the Credit CARD Act of 2009 went into effect. The national average APR for the year is currently 15.03 percent. In 2013, the average APR for the year was 14.98 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.

For more information, contact:

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Matt Schulz
Senior Industry Analyst
matt.schulz@creditcards.com
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.

Source: CreditCards.com