AUSTIN, Texas, June 20, 2012 /PRNewswire/ --Interest rates on new credit card offers remained flat for the second consecutive week, according to the CreditCards.com Weekly Credit Card Rate Report.
(Logo: http://photos.prnewswire.com/prnh/20090210/CCLOGO)
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: 06-20-2012 | |||
The national average annual percentage rate (APR) on new card offers stayed put at 14.92 percent Wednesday.
None of the cards that CreditCards.com tracks featured offer changes this week. That includes changes to promotional balance transfer offers, promotional APRs and annual fees.
The lack of changes to new card offers has made comparing credit cards much more predictable than in previous years when issuers tested different promotions and rates more often.
In the past three months, credit card short-term promotions on purchases and balance transfers have remained unchanged seven weeks out of 12. As a result, consumers applying for a new card are more likely to see the same promotional offer from week to week.
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
