SYS-CON MEDIA Authors: Carmen Gonzalez, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

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CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates linger at 15.06 percent

AUSTIN, Texas, Jan. 15, 2014 /PRNewswire/ -- Average rates on new credit card offers remained stuck at 15.06 percent 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

15.06%

15.06%

14.96%


Low Interest

10.46%

10.46%

10.37%


Balance Transfer

12.55%

12.55%

12.39%


Business

12.98%

12.98%

12.98%


Student

13.27%

13.27%

13.16%


Cash Back

14.62%

14.62%

14.85%


Airline

14.51%

14.51%

14.63%


Reward

14.91%

14.91%

14.79%


Instant Approval

28.00%

28.00%

28.00%


Bad Credit

23.48%

23.48%

23.64%


Source: CreditCards.com


Updated: 1-15-2014

This is the ninth straight week the national average annual percentage rate (APR) has remained at 15.06 percent.

None of the cards tracked by CreditCards.com advertised new interest rates. However, some issuers tinkered with terms.

For example, Chase sweetened a promotional offer on one of its business credit cards. Applicants who qualify for the Ink Cash card now have 12 months to take advantage of interest-free purchases and balance transfers. Previously it was 6 months.

Meanwhile, Navy Federal Credit Union reintroduced an introductory balance transfer promotion to its stable of credit cards, including the Cash Rewards Visa and the Platinum MasterCard. Qualified applicants are now offered a 2.99 percent APR on balance transfers for up to 12 months.

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

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