AUSTIN, Texas, April 16, 2014 /PRNewswire/ -- Average rates on new credit card offers dipped 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 Rate Averages ------------------------- Avg. APR Last week 6 months ago National Average 15.00% 15.02% 15.03% Low Interest 10.37% 10.33% 10.46% Balance Transfer 12.64% 12.66% 12.49% Business 12.80% 12.98% 12.98% Student 13.27% 13.27% 13.27% Cash Back 14.84% 14.84% 14.62% Airline 15.30% 15.30% 14.51% Reward 14.96% 14.99% 14.87% Instant Approval 28.00% 28.00% 28.00% Bad Credit 22.73% 22.73% 23.48% Source: CreditCards.com Updated: 4-16-2014
The national average annual percentage rate (APR) fell to 15 percent Wednesday after rising the previous week to 15.02 percent.
Unlike last week's rate hike, however, this week's change was due to an adjustment to the CreditCards database, rather than a rate change. Occasionally, CreditCards.com reshuffles the database in order to more accurately reflect the current card market.
This week, CreditCards.com removed several cards that are no longer being promoted online, including the Bank of America Accelerated Rewards card and the Chase Ink Classic card, and replaced them with similar offerings.
One of the cards CreditCards.com added to the database, the PNC Points Visa Business card, advertised a lower APR than the Chase Ink Classic card, causing the national average to decline.
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.