0 Percent Intro Credit Card Rates Are Back

by Categorized: Credit Cards Date:

Here’s a credit-card snapshot from CardHub.com, which released its first-quarter Credit Card Landscape Report:

Interest Rates
• The average interest rate for people with excellent credit – 12.79% – is down 1.69% compared to last quarter and 1.46% relative to Q1 2012.
• Rates for people with average or below-average credit are 1.7-3.0% higher, on average, than last quarter.
• Rates for all other card segments show little change compared to last quarter.

Initial Perks
• The average 0% intro rate for balance transfers now remains in effect for 10.29 months – 2.39% longer than in Q4 2012.
• The average 0% intro rate for new purchases now remains in effect for 10.13 months – 2.53% longer than in Q4 2012.
• At $76.81, the average cash back initial rewards bonus is 15.4% more valuable than last quarter and 33.77% more valuable than this time last year.
• At 11,446, the average points/miles initial rewards bonus is 10.74% higher than last quarter and 13.89% higher than this time last year.

Fees
• Cash advance fees, which now average $10.90, continue to rise – up 23.02% from last quarter and 22.61% from Q1 2012.
• Foreign transaction fees, now averaging 2.24%, continue to fall – down 0.44% compared to last quarter and 5.88% from Q1 2012.
• Balance transfer fees, averaging 2.8%, are unchanged relative to last quarter.

Consumer Complaints
• In Q1 2013, the most common types of consumer credit card complaints dealt with: 1) Billing; 2) Credit Reporting; and 3) Debt Collection.
• In Q4 2012, the most common types of consumer credit card complaints dealt with: 1) Billing; 2) Credit Reporting; and 3) APR/Interest Rate.
• The largest quarter-to-quarter changes in complaint frequency involved issues related to: Credit Determination/ Credit Line (92.3% increase), Payoff Process (39% decrease), and APR/Interest Rate (35.9% decrease).

The Courant is using Facebook comments on stories. To comment on courant.com articles, sign into Facebook and enter your comment in the field below. Comments will appear in your Facebook News Feed unless you choose otherwise. To report spam or abuse, click the X next to the comment. For guidelines on commenting, click here.