AUSTIN, Texas, Oct. 23, 2013 /PRNewswire/ -- Average rates on new card offers remained unchanged 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 15.03% 15.03% 14.93% Low Interest 10.46% 10.46% 10.29% Balance Transfer 12.49% 12.49% 12.59% Business 12.98% 12.98% 12.98% Student 13.27% 13.27% 13.16% Cash Back 14.62% 14.62% 14.13% Airline 14.51% 14.51% 14.63% Reward 14.87% 14.87% 14.72% Instant Approval 28.00% 28.00% 15.49% Bad Credit 23.48% 23.48% 23.64% Source: CreditCards.com Updated: 10-23-2013
The national average annual percentage rate (APR) remained at 15.03 percent Wednesday.
Most issuers left interest rates alone this week. Barclays introduced a slightly higher APR to the Wyndham Rewards Visa Signature card. However, the change didn't affect the national average because Barclays still offers the card's lower APR to some applicants.
For the fifth time in three months, Barclays also revised the promotional offer on the US Airways Premier World MasterCard. This week, Barclays trimmed the airline card's 0 percent balance transfer offer from 15 months to 12 months. In addition, Barclays introduced a 12-month, interest-free offer on purchases.
Discover card was also active. The issuer eliminated the introductory APR on the "it" card for students. Previously, students had six 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.
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.