Average credit card rates moved higher for the week ending February 3rd, 2012. The increase in the average national rate was quite small and has little overall impact on new credit card offers. The average annual percentage rate, or APR, edged up one basis point or 1/100th of a percent according to Bestcreditcardrates.com’s latest survey of credit card interest rates. The average rate on consumer credit cards moved up to 13.67 percent from 13.66 percent found in the prior weekly survey results.
The current increase was not only the smallest increase that can be recorded with the index but the change has countered earlier rate reductions this year and does not appear to represent any kind of a trend among card issuers to raise interest rates. In fact, most credit cards categories have maintained a fairly long run of stability with the average interest rate offered for new cards in most categories not changing since the start of the year.
The increase in overall consumer credit card rates this past week was due to an uptick in the average rate offered to consumers in just two different credit card categories. Credit card issuers adjusted the top tier of the APR range or the best credit card rate offered for both cash back credit cards and travel rewards credit cards. The cash back category was pushed up to 12.92 percent from 12.91 percent. New credit card offers in the rewards category advanced to 12.71 percent from 12.70 percent in the preceding week.
The Bestcreditcardrates.com survey completed on February 3, 2012 displayed the following credit card rates for seven different categories of credit cards surveyed as well as the national average consumer credit card rate:
Average national credit card rate: 13.67%
Average low rate credit card rate: 10.99%
Average cash back credit card rate: 12.92%
Average balance transfer credit card rate 12.36%
Average student credit card rate: 14.15%
Average rate on business credit cards: 12.56%
Average travel rewards credit card rate: 12.71%
Average secured credit card rate: 20.36%
The Bestcreditcardrates.com weekly credit card rate survey measures the best credit card rate offered on dozens of credit card offers from the leading credit card companies. Financial institutions and credit card products represented in the weekly rate survey include Citi credit cards, Chase credit cards, Capital One credit cards, Discover credit cards, Bank of America credit cards, American Express credit cards and more.
The Bestcreditcardrates.com web site offers the weekly credit card rate report as well as a comprehensive list of credit cards available with current credit card promotions, credit card news, credit calculators and credit card applications for consumers to quickly compare and find the best credit card that matches their budget and needs.
The Bestcreditcardrates.com database of credit card offers includes low interest rate credit cards, cash back credit cards, rewards credit cards, balance transfer credit cards, prepaid credit cards, credit cards for bad credit and secured credit cards to help consumers compare and search for the best card offer.
Similar Posts:
None Found
The post Credit Card Rates Crawl Higher February 6, 2012 appeared first on BestCreditCardRates.com | The leading industry tool to help you compare and select the best credit card, the best credit card rates and credit card services.