Credit Card Interest Rates Remain Flat

AUSTIN, August 16, 2012 - Interest rates on new credit card offers held steady for the third straight week, according to the 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.

The national average annual percentage rate (APR) on new card offers remained at 14.97 percent Wednesday. This week marks the 21st time this year that average interest rates haven't moved.

The lack of APR activity does not in any way reflect a lack of credit card use, however. A new report from credit bureau TransUnion shows that while card delinquencies have hit an 18-year low, credit card debt per borrower grew about 6 percent in the second quarter compared to a year ago. The average card debt per borrower, according to TransUnion, is $4,971.

Issuers are also dispensing more cards to consumers -- and not just to those with prime credit. The number of new cards issued rose 4 percent from the second quarter of 2011, and 26.1 percent of those cards were issued to subprime borrowers (people with FICO scores below 700), according to TransUnion.

The credit card rate survey (permalink: 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.

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