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Average card rates rise in US.

BANKING AND CREDIT NEWS-October 31, 2014--Average card rates rise in US


31 October 2014 - Average rates on new card offers rose slightly Wednesday, according to US credit card marketplace's Weekly Credit Card Rate Report.

According to the firm, the average is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading US issuers and representing every card category. Introductory (teaser) rates are not included in the calculation.

The national average annual percentage rate inched up to 15.09% this week after remaining at 15.07% for four weeks. The last time average rates were this high was in January 2012 when the national average hit 15.14%.

This week's change was due to a reshuffling of the database.

Two cards that tracks, the CitiBusiness ThankYou (NYSE: C) card and the Hess Visa Platinum card, are no longer offered online. replaced the cards in the database with similar cards that advertised slightly higher APRs.

Citi is the second issuer this month to trim its business card lineup. Discover recently stopped offering its Discover Business card, which was the only business card Discover offered.

The credit card rate survey is conducted weekly, using offer data from the leading US 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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Publication:M2 Banking & Credit News (BCN)
Date:Oct 31, 2014
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