From the Wires
CreditCards.com Weekly Credit Card Rate Report: Credit card interest rates hold steady at 14.96 percent
By: PR Newswire
Jan. 9, 2013 04:18 PM
AUSTIN, Texas, Jan. 9, 2013 /PRNewswire/ -- Interest rates on new credit card offers remained locked at 14.96 percent for the ninth consecutive 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:
Credit Card Averages
None of the cards that CreditCards.com tracks featured rate changes this week. However, one issuer did make at least one substantial change to a promotional offer that it uses to lure new customers.
Pentagon Federal Credit Union canceled its unconventional offer on the PenFed Platinum Cash Rewards card and replaced it with a more traditional 0 percent balance transfer offer that lasts for 18 months.
Previously, new applicants were offered a low 4.99 percent interest rate on balance transfers for the full life of the balance. The lengthy promotional rate, which was first introduced in April 2012, was unique in that it was the only introductory offer tracked by CreditCards.com that didn't have a time limit.
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.
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