CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates rise to 15.03 percent
AUSTIN, Texas, Oct. 9, 2013 /PRNewswire/ — Average rates on new card offers ticked up 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 15.03% 15.02% 14.95% Low Interest 10.46% 10.46% 10.29% Balance Transfer 12.49% 12.49% 12.59% Business 12.98% 12.98% 13.13% Student 13.27% 13.27% 13.16% Cash Back 14.62% 14.62% 14.13% Airline 14.51% 14.51% 14.63% Reward 14.87% 14.86% 14.75% Instant Approval 28.00% 28.00% 15.49% Bad Credit 23.48% 23.48% 23.64% Source: CreditCards.com Updated: 10-09-2013
The national average annual percentage rate (APR) rose to 15.03 percent Wednesday after Barclays increased the lowest available APR on its rewards card for U.S. football fans.
Applicants who qualify for the NFL ExtraPoints Visa from Barclays will be offered a range of APRs, starting at 14.99 percent and topping out at 22.99 percent. Previously, some applicants were offered a lower APR range of 13.74 percent to 22.74 percent.
In addition, Barclays eliminated the card’s introductory APR and promotional balance transfer offers.
Two other issuers were also active. Discover shortened the length of time cardholders can take advantage of the Discover “it” card’s promotions from 14 months to 12 months. Meanwhile, Credit One lowered the Visa Platinum card’s annual fee from $99 per year to $75.
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.