The average interest rate on a new credit card offer remained unchanged, according to the CreditCards.com Weekly Credit Card Rate Report, as credit card APRs’ recent holding pattern continued.
The average is composed 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|
For the third straight week, the average annual percentage rate (APR) stayed at 14.91 percent, matching its lowest level since August 2011.
It is the ninth straight week without an increase in the national average APR — the longest such stretch since CreditCards.com began tracking rates in 2007.
The last increase came in mid-December as rates shot from 14.98 percent to a record 15.22 percent. That jump was the largest in more than a year. However, rates have slowly fallen since then, including two declines in 2012.
Rates have also been unchanged week-to-week five times in 2012. That’s unusual because we’ve traditionally seen issuers make moves around the first of the year.
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.