By USDR
Interest rates on new card offers rose this week for the first time in two months, 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 | 15.02% | 15.01% | 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 | 15.38% | 15.30% | 14.51% |
| Reward | 14.98% | 14.97% | 14.91% |
| Instant Approval | 28.00% | 28.00% | 28.00% |
| Bad Credit | 22.73% | 22.73% | 23.48% |
| Source: CreditCards.com | |||
| Updated: 7-2-2014 | |||
The national average annual percentage rate (APR) climbed to 15.02 percent Wednesday, after remaining at 15.01 percent for eight consecutive weeks.
Chase caused this week’s rate change by adjusting the APR on the Southwest Airlines Rapid Rewards Plus card. Frequent fliers are now offered an APR of 15.99 percent. Previously, applicants were offered a somewhat lower APR of 15.24 percent.
This is the third time in three months that Chase has increased the APR on a card tracked by CreditCards.com. In May, Chase increased the APR on the Marriott Rewards Visa Signature card from 15.24 percent to 15.99 percent. In April, it hiked the APR on the Disney Rewards Visa card from 14.24 percent to 15.24 percent.
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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