AUSTIN, Texas, April 4, 2012 /PRNewswire/ -- Credit card interest rates dipped on Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report.
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The average is composed 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% | 15.00% | 14.97% |
Low Interest | 10.40% | 10.40% | 10.73% |
Balance Transfer | 12.58% | 12.60% | 12.77% |
Business | 13.13% | 13.13% | 12.91% |
Student | 13.77% | 13.77% | 13.77% |
Cash Back | 14.45% | 14.45% | 14.34% |
Airline | 14.63% | 14.63% | 14.44% |
Reward | 14.77% | 14.83% | 14.61% |
Instant Approval | 15.49% | 15.49% | 15.99% |
Bad Credit | 23.64% | 23.64% | 24.96% |
Source: CreditCards.com | |||
Updated: 04-04-2012 | |||
The average annual percentage rate (APR) fell to 14.96 percent. This is the fifth time this year rates have declined. However, unlike previous changes, this week's rate change was due to a reshuffling of the CreditCards.com database.
Occasionally, CreditCards.com adjusts the database in order to more accurately reflect the credit card market. This week, we removed four cards that were no longer available online and replaced them with an equal number of similar credit cards. One of the new cards - the True Earnings credit card from Costco and American Express - featured a lower APR than its predecessor, the Citi Platinum CITGO MasterCard. As a result, the national average declined slightly.
Average APRs for rewards credit cards and balance transfer cards were also affected by the change.
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
