News Column Releases Weekly Credit Card Rate Report

January 30, 2014

Average rates on new card offers remained unchanged this week, according to the Weekly Credit Card Rate Report. According to a release, the average is comprised of 100 of the most popular credit cards in the country, including cards from dozens of U.S. issuers and representing every card category. Introductory (teaser) rates are not included in the calculation. The national average annual percentage rate (APR) remained locked at 15.06 percent Wednesday for the 10th consecutive week. None of the cards tracked by advertised new terms this week. Promotional offers, including 0 percent balance transfers and introductory APRs, also remained unchanged. Credit card APRs are currently at their highest point since early 2012, and issuers show few signs of substantially lowering rates any time soon. In 2013, for example, the national average fell just five times in 12 months. In 2012, it fell just nine times. The small number of declines underscores just how reluctant issuers have been in recent years to lower credit card APRs. The national average has remained above 15 percent for the past 18 weeks. More information: ((Comments on this story may be sent to ))

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