October 22, 2014

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

Austin, Texas— Average rates on new card offers remained unchanged again 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 13.14% 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: 10-22-14

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

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

Rates have remained extremely stable this year, especially for cardholders with low credit scores. For example, cards for those with bad credit have gone 39 weeks without an average APR change.

Overall, however, average rates on new card offers have been slowly rising each year since 2010 when the Credit CARD Act of 2009 was implemented. The national average APRs for 2011, 2012 and 2013 were 14.85, 14.96 and 14.98 percent, respectively. The 2014 average APR is currently 15.03 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