Credit Card Rates Hold Below 15%, No New Promotions

Interest rates on new credit card offers remained unchanged for a fifth straight week, as issuers have not gone this long without testing new promotions at least since 2007.
Creditcards.com reports that the annual percentage rate (APR) for new offers this week stayed at 14.91 percent, covering 100 of the most popular cards representing every major category. Introductory “teaser” rates are not included in the survey.
This is also just the second time on record that average interest rates haven’t changed for more than four weeks. The last time rates remained unchanged this long was in the spring of 2011.
Issuers also did not change promotional terms, breaking a four-year record.
This week marks the first time since CreditCards.com began tracking credit card offers in mid-2007 that all 100 of the cards we track featured the same offer terms for five straight weeks.
“Previously, issuers frequently tested new promotions,” the card site said.

Credit Card Rate Averages
Avg. APR Last Week 6 Months ago
National Average 14.91% 14.91% 14.99%
Low Interest 10.40% 10.40% 10.73%
Balance Transfer 12.43% 12.43% 12.77%
Business 12.67% 12.67% 13.13%
Student 13.77% 13.77% 13.77%
Cash Back 14.24% 14.24% 14.70%
Airline 14.63% 14.63% 14.44%
Reward 14.70% 14.70% 14.70%
Bad Credit 23.64% 23.64% 24.96%

Source: Creditcards.com

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