AUSTIN, Texas, June 13, 2012 /PRNewswire/ --Interest rates on new credit card offers stayed put this week, 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 | 14.92% | 14.92% | 15.22% |
Low Interest | 10.40% | 10.40% | 11.17% |
Balance Transfer | 12.46% | 12.46% | 13.08% |
Business | 12.67% | 12.67% | 13.13% |
Student | 13.77% | 13.77% | 13.77% |
Cash Back | 14.24% | 14.24% | 14.86% |
Airline | 14.63% | 14.63% | 14.54% |
|
Reward | 14.71% | 14.71% | 14.86% |
Instant Approval | 15.49% | 15.49% | 15.49% |
Bad Credit | 23.64% | 23.64% | 24.96% |
Source: CreditCards.com | |||
Updated: 06-13-2012 | |||
The national average annual percentage rate (APR) on new card offers held steady at 14.92 percent Wednesday after dipping the previous week.
None of the cards that CreditCards.com tracks featured offer changes this week. That's not unusual in the current card climate. In the past two months, credit card offers, including promotional balance transfers and purchase rates, have remained unchanged five weeks out of eight.
In the past two months, just three issuers -- Barclays, U.S. Bank and Bank of America - changed promotions on the cards that CreditCards.com tracks. Similarly, just three issuers -- Discover, Citi and PNC Bank -- altered rates.
The relative lack of movement is unusual when you compare it to previous years when issuers adjusted offers more often.
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
