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CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates fall to 15 percent

Companies mentioned in this article: CreditCards.com

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.

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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.

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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SOURCE CreditCards.com