CreditCards.com Weekly Credit Card Rate Report: Credit Card Interest Rates Hold Steady for Third Straight Week
AUSTIN, May 2, 2012 /PRNewswire/ — Interest rates on new credit card offers held steady for the third straight week, according to the CreditCards.com Weekly Credit Card Rate Report.
The average is composed 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 14.91% 14.91% 14.98% Low Interest 10.40% 10.40% 10.73% Balance Transfer 12.43% 12.43% 12.77% Business 12.67% 12.67% 13.13% Student 13.77% 13.77% 13.77% Cash Back 14.24% 14.24% 14.65% Airline 14.63% 14.63% 14.44% Reward 14.70% 14.70% 14.69% Instant Approval 15.49% 15.49% 15.99% Bad Credit 23.64% 23.64% 24.96% Source: CreditCards.com Updated: 04-25-2012
The average annual percentage rate (APR) on new card offers remained unchanged at 14.91 percent Wednesday. This is the 10th time this year interest rates haven’t budged.
Wednesday also marks the third week in a row that promotional credit card offers remained the same for all 100 of the cards that CreditCards.com tracks. That includes promotional balance transfer offers, introductory purchase rates and annual fees.
The lack of movement in rates coincides with a slight loosening of overall lending standards on the part of banks and credit card issuers, as reported in the quarterly April 30 Federal Reserve Senior Loan Officer Survey.
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.