AUSTIN, Texas, Feb. 27, 2013 /PRNewswire/ --Interest rates on new credit card offers remained static 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 | 14.95% | 14.95% | 14.98% |
Low Interest | 10.29% | 10.29% | 10.40% |
Balance Transfer | 12.59% | 12.59% | 12.62% |
Business | 13.13% | 13.13% | 13.13% |
Student | 13.16% | 13.16% | 13.16% |
Cash Back | 14.13% | 14.13% | 14.47% |
Airline | 14.63% | 14.63% | 14.63% |
Reward | 14.75% | 14.75% | 14.82% |
Instant Approval | 15.49% | 15.49% | 15.49% |
Bad Credit | 23.64% | 23.64% | 23.64% |
Source: CreditCards.com | |||
Updated: 2-27-2013 | |||
The national average annual percentage rate (APR) remained at 14.95 percent Wednesday, after falling the previous week for the first time in nearly a month.
Wells Fargo prompted last week's dip in rates by lowering the APR on its student credit card. However, the move -- which was the first by Wells Fargo in months -- barely made a dent to the national average, pushing it down by just a hundredth of a percentage point.
Most credit card issuers have refrained from making significant changes to their offer terms for much of the past year. Instead, many are choosing to selectively tweak offers on just a small number of cards. As a result, the national average hasn't moved below 14.9 percent since February 2012.
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
