AUSTIN, Texas, May 15, 2013 /PRNewswire/ --Interest rates on new credit card offers remained flat 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 | 14.94% | 14.94% | 14.96% |
Low Interest | 10.29% | 10.29% | 10.40% |
Balance Transfer | 12.62% | 12.62% | 12.62% |
Business | 12.98% | 12.98% | 13.13% |
Student | 13.16% | 13.16% | 13.31% |
Cash Back | 14.17% | 14.17% | 14.30% |
Airline | 14.63% | 14.63% | 14.63% |
Reward | 14.73% | 14.73% | 14.80% |
Instant Approval | 15.49% | 15.49% | 15.49% |
Bad Credit | 23.64% | 23.64% | 23.64% |
Source: CreditCards.com | |||
Updated: 5-15-2013 | |||
The national average annual percentage rate (APR) remained at 14.94 percent Wednesday, after increasing by just one basis point the previous week.
Last week marked the first time in three months that average rates increased.
Average interest rates have remained exceptionally stable through much of 2013, thanks to issuers leaving most card offers alone. For example, since Jan. 1, the national average has remained the same 15 weeks out of 20.
Average rates increased just twice since the beginning of the year and have fallen three times -- each time by just a small amount.
As a result, the national average is currently just 0.02 percent below where it was at the beginning of 2013.
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
