CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates rise

AUSTIN, Texas, Nov. 1, 2012 /PRNewswire/ -- Interest rates on new credit card offers ticked up this week, according to the CreditCards.com Weekly Credit Card Rate Report.  

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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

15.01%

15.00%

14.91%

Low Interest

10.40%

10.40%

10.40%

Balance Transfer

12.62%

12.62%

12.43%

Business

13.13%

13.13%

12.67%

Student                                  

13.31%

13.16%

13.77%

Cash Back

14.47%

14.47%

14.24%

Airline

14.63%

14.63%

14.63%

Reward

14.85%

14.84%

14.70%

Instant Approval

15.49%

15.49%

15.49%

Bad Credit

23.64%

23.64%

23.64%

Source: CreditCards.com
Updated: 10-31-2012

The national average APR rose to 15.01 percent Wednesday, after remaining at 15 percent for six straight weeks. This is just the seventh time this year that the national average has risen.

Citi spurred this week's rate change by increasing the advertised APRs on a student card. The Citi Dividend Platinum Select Visa for College Students previously featured an APR range of 12.99 percent to 20.99 percent. Now, the card features a wider range of possible APRs, starting at 13.99 percent for students with the best credit. Students with imperfect credit may receive an APR as high as 23.99 percent

CreditCards.com calculates its average using the low end of ranges, so Citi's hike bumped the national average higher.

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.  

SOURCE CreditCards.com



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