Credit Card Rates on the Rise

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ByUSDR

Interest rates on new card offers rose this week for the first time in two months, according to the CreditCards.com Weekly Credit Card RateReport.

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 thecalculation.

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 consecutiveweeks.

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 15.24percent.

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 15.24percent.

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 pricingpolicies.

AboutCreditCards.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 qualifiedapplicants.

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

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