AUSTIN, Texas, July 16, 2014 /PRNewswire/ --Interest rates on new card offers held steady this week, according to the CreditCards.com Weekly Credit Card Rate Report.
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 Rate Averages | |||
Avg. APR | Last week | 6 months ago | |
National Average | 15.03% | 15.03% | 15.06% |
Low Interest | 10.37% | 10.37% | 10.46% |
Balance Transfer | 12.64% | 12.64% | 12.55% |
Business | 12.80% | 12.80% | 12.98% |
Student | 13.27% | 13.27% | 13.27% |
Cash Back | 14.91% | 14.91% | 14.62% |
Airline | 15.46% | 15.46% | 14.51% |
Reward | 15.00% | 15.00% | 14.91% |
Instant Approval | 28.00% | 28.00% | 28.00% |
Bad Credit | 22.73% | 22.73% | 23.48% |
Source: CreditCards.com | |||
Updated: 7-16-2014 | |||
The national average annual percentage rate (APR) stayed at 15.03 percent Wednesday after increasing incrementally for two consecutive weeks.
None of the cards tracked by CreditCards.com introduced new terms this week. Issuers left promotional balance transfer offers and introductory APRs alone as well.
Most card issuers have left interest rates alone throughout 2014. Over the past few months, Chase has gradually increased APRs on a handful of travel rewards cards, including the United MileagePlus Explorer card, the Southwest Airlines Rapid Rewards Plus card, the IHG Rewards Club Select card and the Marriott Rewards Visa Signature card.
The few times that APRs have changed, they've usually gone up. Since Jan. 1, for example, the national average has increased five times and declined twice.
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.
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SOURCE CreditCards.com
