Report: Rates on most types of credit cards fall

AUSTIN, Texas - Average interest rates on several types of credit cards fell slightly this week, according to a report from CreditCards.com.

Annual percentage rates on four out of nine categories of cards — instant approval, airline, cash back and reward cards — fell from the previous week. Five categories remained the same: balance transfer, low interest, bad credit, student and business, according to the weekly report issued Thursday.

Instant approval cards saw average rates slip to 11.29 percent from 11.63 percent, while airline cards dipped to 11.71 percent from 11.86 percent. Cash back rates declined to an average 12.71 percent from 12.91 percent, while rewards cards slid to 11.43 percent from 11.65 percent, on average.

The APR on cards for people with bad credit held steady at 12.15 percent while rates on student cards remained at 14.21 percent. Business cards held at an average 15.82 percent, and balance transfer remained at 10.21 percent.

CreditCards.com said American express trimmed certain APRs after the Federal Reserve lowered its key lending rate to near zero last month. AmEx acknowledged the latest APR changes were based on changes in prime rates, CreditCards.com said.

The survey is conducted weekly using offer data from U.S. card issuers.

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