October 30, 2013

CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates hold steady at 15.03 percent

Austin, Texas—Interest rates on new card offers lingered at 15.03 percent Wednesday for the fourth 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
National Average 15.03% 15.03% 14.93%
Low Interest 10.46% 10.46% 10.29%
Balance Transfer 12.49% 12.49% 12.59%
Business 12.98% 12.98% 12.98%
Student 13.27% 13.27% 13.16%
Cash Back 14.62% 14.62% 14.13%
Airline 14.51% 14.51% 14.63%
Reward 14.87% 14.87% 14.72%
Instant Approval 28.00% 28.00% 15.49%
Bad Credit 23.48% 23.48% 23.64%
Source: CreditCards.com
Updated: 10-30-13

None of the cards tracked by CreditCards.com advertised new interest rates.

For the second consecutive week, Barclays floated a slightly higher APR on the Wyndham Rewards Visa Signature card. However, the hotel card's newest rate didn't affect the national average because the card's original APR is still being advertised online. Some Wyndham Rewards card applicants are now offered an APR range of 15.24 percent to 19.99 percent. Others are offered an APR range of 13.24 percent to 19.24 percent.

Meanwhile, Chase eliminated the promotional APR on one of its cash-back credit cards. Previously, applicants who qualified for the Chase Freedom card had 15 months to make interest-free purchases. Chase left the card's 15-month 0 percent balance transfer offer alone.

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