AUSTIN, Texas, Nov. 7, 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 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 | 15.01% | 15.01% | 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 | 13.31% | 13.31% | 13.77% | ||
Cash Back | 14.47% | 14.47% | 14.24% | ||
Airline | 14.63% | 14.63% | 14.63% | ||
Reward | 14.85% | 14.85% | 14.70% | ||
Instant Approval | 15.49% | 15.49% | 15.49% | ||
Bad Credit | 23.64% | 23.64% | 23.64% | ||
Source: CreditCards.com | |||||
Updated: 11-07-2012 | |||||
The national average APR remained at 15.01 percent Wednesday, after rising the previous week.
None of the issuers tracked by CreditCards.com changed the interest rates they offered to customers with the best credit.
Bank of America raised the maximum possible APR an applicant could receive on two of its credit cards, the BankAmericard Visa and the BankAmericard for Students.
However, the change to the cards' highest available rates didn't affect the national average because CreditCards.com only considers a card's lowest possible rate when calculating average interest rates.
This is the third consecutive week that Bank of America has widened the APR spread on a select number of cards. In each case, the bank raised the maximum APR available to customers with less-than-perfect credit.
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
