CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates rise
AUSTIN, Texas, Sept. 19, 2012 /PRNewswire/ — Interest rates on new credit card offers rose 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 Averages
Avg. APR Last week 6 months ago National Average 15.00% 14.98% 15.02% Low Interest 10.40% 10.40% 10.40% Balance Transfer 12.62% 12.62% 12.63% 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 14.84% 14.82% 14.84% Instant Approval 15.49% 15.49% 15.49% Bad Credit 23.64% 23.64% 23.64% Source: CreditCards.com Updated: 09-19-2012
The national average annual percentage rate (APR) on new card offers hit 15 percent on Wednesday, after hovering just below 15 percent for eight straight weeks.
This week’s rise in rates was brought on by the replacement in the CreditCards.com database of a discontinued gas card, the ExxonMobil Platinum MasterCard, with a similar gas rewards card, the ExxonMobil Preferred Smart Card. The Smart Card features a significantly higher interest rate – 24.99 percent – than the discontinued Platinum MasterCard and so helped push up the national average.
The national average was also impacted this week by a change to the Best Buy RewardZone Platinum MasterCard. The card’s APR was lowered from 21.74 percent to 17.99 percent. However, the change wasn’t big enough to counteract the higher rate gas card.
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.