Credit card rates inch up in US.
BANKING AND CREDIT NEWS-May 8, 2014--Credit card rates inch up in US
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8 May 2014 - Average rates on new credit card offers inched higher this week according to US online credit card marketplace CreditCards.com's 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 US issuers and representing every card category. Introductory (teaser) rates are not included in the calculation.
CreditCards.com said the national average annual percentage rate rose to 15.01% Wednesday after remaining at 15% for three straight weeks.
Chase (NYSE: JPM) spurred this week's rate increase by boosting the APR on the Marriott Rewards Visa Signature card. Applicants who click on the hotel card's online application are now offered a single APR of 15.99%.
Previously, some applicants were offered a slightly lower interest rate of 15.24%.
Barclays (NYSE: BCS) was also active this week. The issuer eliminated the 0% purchase APR on the US Airways Premier World MasterCard. Previously, applicants had up to a year to make interest-free purchases. In addition, Barclays extended the airline card's interest-free balance transfer offer from 12 months to 15 months.
The CreditCards.com 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.
Find out more at www.creditcards.com.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||May 8, 2014|
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