CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates hold steady at 15.01 percent

AUSTIN, Texas, May 29, 2014 /PRNewswire/ -- Interest rates on new credit card offers remained unchanged 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

15.01%

15.01%

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

15.30%

15.30%

14.51%

Reward

14.97%

14.97%

14.91%

Instant Approval

28.00%

28.00%

28.00%

Bad Credit

22.73%

22.73%

23.48%

Source: CreditCards.com

Updated: 5-29-2014

The national average annual percentage rate (APR) remained at 15.01 percent Thursday for the fourth consecutive week.

None of the cards tracked by CreditCards.com advertised new interest rates. Most credit card issuers left promotional balance transfer offers and introductory APRs unchanged as well.

Bank of America reinstated the 0 percent balance transfer offer on the MLB BankAmericard Cash Rewards credit card after briefly eliminating it last week. Major League Baseball fans now have 12 months to take advantage of the interest-free offer. Cardholders also have up to a year to make interest-free purchases.      

Credit card issuers frequently test new offers in this way. Issuers will often introduce new terms for a short period and then reinstate the card's original offer. 

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.

Logo - http://photos.prnewswire.com/prnh/20090210/CCLOGO

SOURCE CreditCards.com



RELATED LINKS
http://www.creditcards.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.