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CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates fall to 14.95 percent

Wednesday, January 23, 2013 2:41 PM


AUSTIN, Texas, Jan. 23, 2013 /PRNewswire/ -- Interest rates on new credit card offers dipped Wednesday after remaining unchanged for 10 weeks, according to the CreditCards.com Weekly Credit Card Rate Report.

(Logo: http://photos.prnewswire.com/prnh/20090210/CCLOGO)

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

14.95%

14.96%

14.97%

Low Interest

10.29%

10.40%

10.40%

Balance Transfer

12.59%

12.62%

12.62%

Business

13.13%

13.13%

13.13%

Student                                  

13.31%

13.31%

13.02%

Cash Back

14.17%

14.30%

14.43%

Airline

14.63%

14.63%

14.63%

Reward

14.75%

14.80%

14.81%

Instant Approval

15.49%

15.49%

15.49%

Bad Credit

23.64%

23.64%

23.64%

Source: CreditCards.com

Updated: 1-23-2013

The national average annual percentage rate (APR) fell to 14.95 percent Wednesday. This is the first time since November that average rates have changed. Unlike previous weeks, however, the change was due to a reshuffling of the CreditCards.com database, rather than to a new APR on an existing card.

CreditCards.com occasionally replaces old cards with new ones in order to more accurately reflect the current card market. This week, we swapped two Citi cards that are no longer available online, the Citi Forward card and the Citi Platinum Select Visa, with two cards that have similar features: the Citi Thank You Preferred card and the Discover "it" card. The slight difference in the cards' APRs caused 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.  

SOURCE CreditCards.com

(Source: PR Newswire )
(Source: Quotemedia)

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