See more news releases in Banking & Financial Services | Surveys, Polls and Research

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

Download image

CREDITCARDS.COM logo. (PRNewsFoto/CREDITCARDS.COM)

AUSTIN, Texas, Feb. 6, 2013 /PRNewswire/ -- Interest rates on new credit card offers inched up this week, according to the CreditCards.com Weekly Credit Card Rate Report.

(Logo: http://photos.prnewswire.com/prnh/20090210/CCLOGO)

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	14.96%	14.95%	14.97%
Low Interest	10.29%	10.29%	10.40%
Balance Transfer	12.59%	12.59%	12.62%
Business	13.13%	13.13%	13.13%
Student	13.31%	13.31%	13.02%
Cash Back	14.17%	14.17%	14.43%
Airline	14.63%	14.63%	14.63%
Reward	14.76%	14.75%	14.81%
Instant Approval	15.49%	15.49%	15.49%
Bad Credit	23.64%	23.64%	23.64%
Source: CreditCards.com
Updated: 2-6-2013

The national average annual percentage rate (APR) rose to 14.96 percent Wednesday. This is the first time average rates have increased since October 2012.

Chase spurred this week's rate change by raising the APR on the Amazon Rewards Visa Signature credit card from 13.24 percent to 14.24 percent.

The issuer also removed the rewards card from its marketing pages on the Chase website. However, the card still appears on the Amazon.com website, with the slightly higher APR.

The maximum interest rate on the Cabela's Club Visa credit card also changed slightly this week, from 18.20 percent to 18.19 percent. However, because CreditCards.com only considers a card's lowest available rate when calculating average interest rates, the change didn't affect the national average.

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

RELATED LINKS
http://www.creditcards.com