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