AUSTIN, Texas, Oct. 3, 2012 /PRNewswire/ -- Interest rates on new credit card offers remained at 15 percent on Wednesday, 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 | 15.00% | 15.00% | 14.96% |
Low Interest | 10.40% | 10.40% | 10.40% |
Balance Transfer | 12.62% | 12.62% | 12.58% |
Business | 13.13% | 13.13% | 13.13% |
Student | 13.16% | 13.16% | 13.77% |
Cash Back | 14.47% | 14.47% | 14.45% |
Airline | 14.63% | 14.63% | 14.63% |
Reward | 14.84% | 14.84% | 14.77% |
Instant Approval | 15.49% | 15.49% | 15.49% |
Bad Credit | 23.64% | 23.64% | 23.64% |
Source: CreditCards.com | |||
Updated: 10-03-2012 | |||
This week marks the third straight week that the national average annual percentage rate (APR) on new card offers has hit 15 percent.
None of the cards featured significant rate changes this week. However, one issuer, the Pentagon Federal Credit Union, introduced a unique offer to each of its cards. Qualified applicants that apply for any PenFed credit card, such as the PenFed Visa Platinum Cash Rewards card, will now be able to make interest-free purchases on electronics for six months.
The issuer added the offer as a supplement to its existing promotional offers, rather than as a replacement. For example, applicants that apply for the PenFed Promise card will also still qualify for an introductory APR of 7.49 percent for 36 months.
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
