AUSTIN, Texas, May 7, 2014 /PRNewswire/ -- Average rates on new credit card offers inched higher 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 15.01% 15.00% 15.05% 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 14.84% 14.84% 14.62% Airline 15.30% 15.30% 14.51% Reward 14.97% 14.96% 14.90% Instant Approval 28.00% 28.00% 28.00% Bad Credit 22.73% 22.73% 23.48% Source: CreditCards.com Updated: 5-07-2014
The national average annual percentage rate (APR) rose to 15.01 percent Wednesday after remaining at 15 percent for three straight weeks.
Chase spurred this week's rate increase by boosting the APR on the Marriott Rewards Visa Signature card. Applicants who click on the hotel card's online application are now offered a single APR of 15.99 percent. Previously, some applicants were offered a slightly lower interest rate of 15.24 percent.
Barclays was also active this week. The issuer eliminated the 0 percent purchase APR on the U.S. Airways Premier World MasterCard. Previously, applicants had up to a year to make interest-free purchases. In addition, Barclays extended the airline card's interest-free balance transfer offer from 12 months to 15 months.
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.