CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates fall to 15 percent

AUSTIN, Texas, April 16, 2014 /PRNewswire/ -- Average rates on new credit card offers dipped 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

15.00%

15.02%

15.03%

Low Interest

10.37%

10.33%

10.46%

Balance Transfer

12.64%

12.66%

12.49%

Business

12.80%

12.98%

12.98%

Student

13.27%

13.27%

13.27%

Cash Back

14.84%

14.84%

14.62%

Airline

15.30%

15.30%

14.51%

Reward

14.96%

14.99%

14.87%

Instant Approval

28.00%

28.00%

28.00%

Bad Credit

22.73%

22.73%

23.48%

Source: CreditCards.com

Updated: 4-16-2014

 

The national average annual percentage rate (APR) fell to 15 percent Wednesday after rising the previous week to 15.02 percent.

Unlike last week's rate hike, however, this week's change was due to an adjustment to the CreditCards database, rather than a rate change. Occasionally, CreditCards.com reshuffles the database in order to more accurately reflect the current card market.

This week, CreditCards.com removed several cards that are no longer being promoted online, including the Bank of America Accelerated Rewards card and the Chase Ink Classic card, and replaced them with similar offerings.

One of the cards CreditCards.com added to the database, the PNC Points Visa Business card, advertised a lower APR than the Chase Ink Classic card, causing the national average to decline.

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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