U.S. credit card rates leap to 14.94% APR

STCU holds steady with 6.9% APR on balance transfers

Interest rates on new credit cards nationwide are at a record high, according to CreditCards.com, a leading online provider of credit card research.

The average annual percentage rate (APR) on new credit card offers was 14.94% on September 1, 2011, compared with 14.74% APR six months ago. These figures represent the average rate of the 100 most popular U.S. credit cards, including those designed to woo consumers with low introductory rates, cash back, and airline miles.

Across the Inland Northwest, however, members of STCU are reducing their cost of debt with 6.9% APR balance transfer of non-STCU loans and credit cards to their STCU Visa card. That rate is good for the life of the balance transfer, with no balance transfer fee!* Learn more.

Even without a balance transfer, STCU Visa credit cards are a better deal. Our rates rarely change and are below the national average charged by banks and the major credit card issuers.

STCU Visa credit card rates:

  • 6.9% APR balance transfers (offer ends Dec. 31, 2011) 
  • 8.9% APR Visa Platinum
  • 10.9% APR Visa Gold
  • 13.9% APR Visa Classic

There is no annual fee for STCU Visa credit cards when you set up your card to receive monthly e-statements. See rates and disclosures.

Cash back/rewards card rates also jump

CreditCard.com also reported that interest rates charged on cash-back and other rewards cards are on the rise. Rates on credit cards that offer cash back increased to a record high 14.34% APR, according to CreditCard.com writer Kate Tomasino. Rates on rewards cards, which offer cash back or rebate incentives, jumped to 14.57% APR, the highest since August 2010. The national average rate for airline and hotel rewards cards was 14.3% APR.

The CreditCard.com story, "Rate survey: Credit card rates rise to record high,"offered no explanation for rising rates, but financial analysts predicted in August that the Standard & Poor’s downgrade of U.S. debt would trigger a rise in the cost of credit, beginning with credit cards.

*Always read the fine print!

When you've got nothing to hide, it's easy to disclose the details. That's why we want you to know that, if you are not yet a member of STCU, there is a one-time $20 membership fee required to join. If you live, work, worship or go to school in Washington or Kootenai or Bonner counties, Idaho, you are eligible to join. Learn more.

STCU's 6.9% APR promotional rate applies only to non-STCU loan and credit card balance transfers to an STCU Visa credit card account made between Sept. 13, 2010, and December 31, 2011. Subject to credit approval; if approved, you may transfer balances in amounts up to your approved credit limit. There is no balance transfer fee during the promotion period. Any balance transfer after the promotion will be subject to 13.9% APR and our standard transfer fee. In other words, our highest rate is still lower than the national average. Apply today!

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