AUSTIN, Texas, March 19, 2014 /PRNewswire/ -- Average rates on new credit card offers remained stuck at 15.01 percent Wednesday for the fifth straight 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 15.01% 15.01% 14.99% Low Interest 10.33% 10.33% 10.46% Balance Transfer 12.66% 12.66% 12.41% Business 12.98% 12.98% 12.98% Student 13.27% 13.27% 13.27% Cash Back 14.84% 14.84% 14.51% Airline 15.30% 15.30% 14.51% Reward 14.97% 14.97% 14.82% Instant Approval 28.00% 28.00% 28.00% Bad Credit 22.73% 22.73% 23.48% Source: CreditCards.com Updated: 3-19-2014
Most card issuers left credit card terms unchanged this week.
Capital One boosted the maximum possible APR on the Quicksilver Cash Rewards credit card by 2 percentage points. However, the rate hike didn't affect the national average because CreditCards.com only considers a card's lowest possible rate when calculating average interest rates.
Cardholders who apply online for the Quicksilver Cash Rewards card are now offered a wider range of possible APRs.
Applicants with the best credit may qualify for an APR as low as 12.9 percent. Applicants with lower scores could receive an APR as high as 22.9 percent, up from 20.9 percent. The new high end exceeds the national average for cards geared toward consumers with bad credit.
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.