September 25, 2013

CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates rise to 15.02 percent

Austin, Texas—Average rates on new credit card offers lifted 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% 14.99% 14.95%
Low Interest 10.46% 10.46% 10.29%
Balance Transfer 12.49% 12.41% 12.59%
Business 12.98% 12.98% 13.13%
Student 13.27% 13.27% 13.16%
Cash Back 14.62% 14.51% 14.13%
Airline 14.51% 14.51% 14.63%
Reward 14.86% 14.82% 14.75%
Instant Approval 28.00% 28.00% 15.49%
Bad Credit 23.48% 23.48% 23.64%
Source: CreditCards.com
Updated: 9-25-13

The national average annual percentage rate (APR) rose to 15.02 percent Wednesday after Capital One increased the APR on a cash-back credit card by 3 percentage points. This is the first time in nearly a year that the national average has risen above 15 percent.

Capital One spurred this week's rate change by hiking the APR on the QuicksilverOne Cash Rewards card from 19.8 percent to 22.9 percent. Now, five out of six of Capital One cards for consumers with average credit have an APR of 22.9 percent or higher.

Barclays also revised an offer this week. The issuer eliminated the promotional APR on the US Airways Premier World MasterCard and extended the card's interest-free balance transfer offer from 12 months to 15 months.

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