From the Wires
CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates remain unchanged
By: PR Newswire
Jan. 2, 2013 03:16 PM
AUSTIN, Texas, Jan. 2, 2013 /PRNewswire/ -- Interest rates on new credit card offers began the new year at a standstill, according to the CreditCards.com Weekly Credit Card Rate Report. The average APR on new credit card offers remained fixed at 14.96 percent for the eighth consecutive week.
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:
None of the issuers tracked by CreditCards.com made changes to their card portfolios over the holidays. That includes changes to promotional balance transfer offers and introductory APRs, as well as standard interest rates.
Instead, issuers closed 2012 the same way they began it, by leaving credit card terms alone. 2012 was the most stable year for credit card offers on record, according to CreditCards.com research.
Average rates on new credit card offers remained unchanged for 37 weeks out of 53.
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.
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