AUSTIN, Texas, Oct. 24, 2012 /PRNewswire/ -- Interest rates on new credit card offers lingered at 15 percent Wednesday for the sixth straight week, 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% | 14.91% |
Low Interest | 10.40% | 10.40% | 10.40% |
Balance Transfer | 12.62% | 12.62% | 12.43% |
Business | 13.13% | 13.13% | 12.67% |
Student | 13.16% | 13.16% | 13.77% |
Cash Back | 14.47% | 14.47% | 14.24% |
Airline | 14.63% | 14.63% | 14.63% |
Reward | 14.84% | 14.84% | 14.70% |
Instant Approval | 15.49% | 15.49% | 15.49% |
Bad Credit | 23.64% | 23.64% | 23.64% |
Source: CreditCards.com | |||
Updated: 10-24-2012 | |||
The national average APR shows few signs of moving significantly any time soon. Interest rates have remained at, or just below, 15 percent for the past 14 consecutive weeks. During this time last year, the national average was just a hair lower - clocking in at 14.99 percent.
Only one issuer, Bank of America, altered rates this week. Bank of America widened the spread of possible rates on two rewards cards -- the BankAmericard Power Rewards card and the Accelerated Rewards card -- by raising the cards' maximum rates by 2 percentage points. The changes didn't affect the national average, however, because CreditCards.com only considers a card's lowest possible rate when calculating average rates.
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
