CreditCards.com Weekly Credit Card Rate Report: Credit Card Interest Rates Remain Flat

Friday, July 20, 2012

CreditCards.com Weekly Credit Card Rate Report: Credit Card Interest Rates Remain Flat

AUSTIN, Texas, July 19, 2012 /PRNewswire/ -- Interest rates on new credit card offers stayed put for the second 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:

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Credit Card Averages

Avg. APR

Last week

6 months ago

National Average

14.91%

14.95%

Low Interest

10.40%

Balance Transfer

12.46%

12.71%

Business

12.67%

13.13%

Student

13.31%

13.77%

Cash Back

14.24%

14.61%

Airline

14.63%

14.54%

Reward

14.75%

14.78%

Instant Approval

15.49%

Bad Credit

23.64%

23.41%

Source: CreditCards.com

Updated: 07-18-2012

The national average annual percentage rate (APR) on new card offers remained unchanged at 14.91 percent Wednesday.

None of the cards that CreditCards.com tracks featured offer changes this week. That includes changes to promotional balance transfer offers and promotional APRs.

Issuers have left card offers alone for much of 2012. In previous years, issuers tinkered with the terms of their credit card offers much more often. For example, they regularly experimented with new promotions, such as lengthening the interest-free period on a balance transfer offer, and frequently altered interest rates.

In the past year, however, the national average APR has moved just 11 times since Jan. 1, 2012. By contrast, the national average moved 24 times during the same period in 2010.

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.

SOURCE CreditCards.com

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