Last updated on April 18, 2014 at 5:21 EDT

CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates dip to 14.95 percent

February 20, 2013

AUSTIN, Texas, Feb. 20, 2013 /PRNewswire/ — Interest rates on new credit card offers fell Wednesday for the first time in nearly a month, 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                 14.95%    14.96%       14.98%
    Low Interest                     10.29%    10.29%       10.40%
    Balance Transfer                 12.59%    12.59%       12.62%
    Business                         13.13%    13.13%       13.13%
    Student                          13.16%    13.31%       13.16%
    Cash Back                        14.13%    14.17%       14.47%
    Airline                          14.63%    14.63%       14.63%
    Reward                           14.75%    14.76%       14.82%
    Instant Approval                 15.49%    15.49%       15.49%
    Bad Credit                       23.64%    23.64%       23.64%
    Source: CreditCards.com
    Updated: 2-20-2013

The national average annual percentage rate (APR) returned to 14.95 percent this week after remaining at 14.96 percent for two consecutive weeks.

This week’s dip in rates was minor. However, it’s significant in that it marks just the third time in 33 weeks that average rates have declined.

Wells Fargo spurred this week’s rate change by lowering the APR on the Wells Fargo Cash Back College Visa Card. Previously, the card featured an APR range of 12.15 percent to 21.99 percent. It now features a slightly lower range of 11.15 percent to 21.15 percent.

Wells Fargo spokeswoman Natalie Brown confirmed this week’s rate change and said that the issuer was simply adjusting to market conditions when making the change.

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.

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, 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.

SOURCE CreditCards.com

Source: PR Newswire