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

AUSTIN, Texas, May 21, 2014 /PRNewswire/ -- Average rates on new credit 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

15.01%

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%

14.84%

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: 5-21-2014

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

Interest rates on cash-back credit cards inched up this week to 14.91 percent. However, that was due to a reshuffling of the CreditCards.com database, rather than a rate change. Bank of America removed the BankAmericard Privileges card from its website. So CreditCards.com replaced it in the database with another rewards credit card.

Most issuers tracked by CreditCards.com left credit card terms alone this week. Bank of America eliminated the 0 percent balance transfer offer on the MLB BankAmericard. However, it left the sports rewards card's 0 percent offer on purchases intact. Major League Baseball fans still have 12 months to make interest-free purchases.

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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