CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates remain unchanged
AUSTIN, Texas, Sept. 12, 2012 /PRNewswire/ — Interest rates on new credit card offers remained unchanged for the third straight 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 Averages -------------------- Avg. APR Last week 6 months ago National Average 14.98% 14.98% 14.97% Low Interest 10.40% 10.40% 10.40% Balance Transfer 12.62% 12.62% 12.50% Business 13.13% 13.13% 13.13% Student 13.16% 13.16% 13.77% Cash Back 14.47% 14.47% 14.45% Airline 14.63% 14.63% 14.63% Reward 14.82% 14.82% 14.79% Instant Approval 15.49% 15.49% 15.49% Bad Credit 23.64% 23.64% 23.64% Source: CreditCards.com Updated: 09-12-2012
The national average annual percentage rate (APR) on new card offers remained anchored at 14.98 percent Wednesday. This is the eighth straight week that interest rates have remained just below 15 percent.
Among the 100 cards that CreditCards.com tracks, only one featured a rate change. The sporting goods store Cabela’s lowered the highest available rate on the Cabela’s Club Visa card from 18.24 percent to 18.22 percent.
The rate change didn’t affect the national average, however, because CreditCards.com only considers a card’s lowest possible interest rate when calculating rates.
Every other card in CreditCards.com’s database featured the same rates as last week. Other terms – on promotional balance transfers and introductory purchases – also remained unchanged.
The CreditCards.com credit card rate survey (permalink: http://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.
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, http://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.