Credit card interest rates on rise.

By USDR

Interest rates on new credit card offers rose to 15.05 percent 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 Averages
Avg. APR Last week 6 months ago
National Average 15.05% 15.03% 14.94%
Low Interest 10.46% 10.46% 10.29%
Balance Transfer 12.55% 12.49% 12.62%
Business 12.98% 12.98% 12.98%
Student 13.27% 13.27% 13.16%
Cash Back 14.62% 14.62% 14.17%
Airline 14.51% 14.51% 14.63%
Reward 14.90% 14.87% 14.73%
Instant Approval 28.00% 28.00% 15.49%
Bad Credit 23.48% 23.48% 23.64%
Source: CreditCards.com
Updated: 11-06-2013


Barclays spurred this week’s rate change by increasing the APR on the Wyndham Rewards Visa Signature card. Applicants who access the card online are now offered an APR range of 15.24 percent to 19.99 percent. Previously, some applicants were offered an APR as low as 13.24 percent.

The sporting goods store Cabela’s also adjusted card APRs this week. Cabela’s lowered the minimum available APR for nonstore purchases from 15.17 percent to 15.16 percent.

American Express and Chase were active this week as well. Chase reinstated the 15-month 0 percent APR offer on the Chase Freedom card after briefly eliminating it.

Meanwhile, American Express modified the introductory offer period for the Blue for Business card. Cardholders now have nine months to make interest-free purchases.

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.

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

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