Average Card Rates Remain Unchanged for Second Week In A Row

Courtesy of 401kcalculator.org

By USDR

Interest rates on new card offers didn’t budge last week, according to the Weekly Credit Card Rate Report released by CreditCards.com.

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%

It was the second week in a row that issuers left credit card interest rates unchanged. Promotional APRs and introductory balance transfer offers were also left untouched.The national average annual percentage rate (APR) remained at 15.03 percent.

Issuers rarely modify interest rates these days. The national average APR, for example, has changed just seven times since Jan. 1.

Over the past seven months, average APRs have declined somewhat as the national average APR began the year at 15.06 percent. But year-over-year, average card rates are higher this year than they were the previous summer. On July 23, 2013, for example, the national average APR was 14.96 percent.

Average APRs rose to 15.02 percent in late September. They haven’t fallen below 15 percent since.

The CreditCards.com credit card rate survey 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.

SOURCE: http://www.creditcards.com/rate-report

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.

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