CreditCards.com Weekly Credit Card Rate Report: Average card rates remain unchanged

AUSTIN, Texas, July 23, 2014 /PRNewswire/ -- Interest rates on new card offers didn't budge 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 Rate Averages

 

Avg. APR

Last week

6 months ago

National Average

15.03%

15.03%

15.06%

Low Interest

10.37%

10.37%

10.46%

Balance Transfer

12.64%

12.64%

12.55%

Business

12.80%

12.80%

12.98%

Student

13.27%

13.27%

13.27%

Cash Back

14.91%

14.91%

14.62%

Airline

15.46%

15.46%

14.51%

Reward

15.00%

15.00%

14.91%

Instant Approval

28.00%

28.00%

28.00%

Bad Credit

22.73%

22.73%

23.48%

Source: CreditCards.com


Updated: 7-23-2014


The national average annual percentage rate (APR) remained at 15.03 percent. 

This is the second week in a row that issuers left credit card interest rates unchanged. Promotional APRs and introductory balance transfer offers were also left untouched.

Issuers rarely modify interest rates these days. The national average APR, for example, has changed just seven times since Jan. 1.

Over the past seven months, average APRs have declined somewhat as the national average APR began the year at 15.06 percent. But year-over-year, average card rates are higher this year than they were the previous summer. On July 23, 2013, for example, the national average APR was 14.96 percent.

Average APRs rose to 15.02 percent in late September. They haven't fallen below 15 percent since.

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.

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SOURCE CreditCards.com



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