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July 14, 2010

 

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas — Interest rates on new credit card offers were unchanged for the second straight week, according to the CreditCards.com Weekly Credit Card Rate Report.

The average is composed of about 95 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed below. Introductory (teaser) rates are not included in the calculation. The average annual percentage rates (APRs) in all nine card categories remained flat.      

Rates for card categories tracked by CreditCards.com are listed below:

Credit Card Rate Averages
	Avg. APR	Last Week	6 Months ago
National Average	14.43%	14.43%	13.16%
Business	12.96%	12.96%	10.74%
Low Interest	12.18%	11.97%	12.17%
Cash Back	12.63%	12.63%	12.49%
Balance Transfer	12.93%	12.93%	12.35%
Reward	14.73%	14.73%	13.44%
Instant Approval	15.99%	15.99%	17.62%
Airline	14.30%	14.30%	14.17%
Bad Credit	20.32%	15.99%	13.74%
Student	13.96%	13.96%	14.71%
Source: CreditCards.com Updated: 07-14-10

This is the first time since September 2009 that the national average has held steady for two weeks in a row.

None of the cards in our database saw changes in their standard purchase APR last week. Among the categories we track, small business card rates have fluctuated the least in recent months, remaining unchanged since late March. Still, banks have begun to focus more on that part of their business recently. As the economy shows tentative signs of recovery, offers for business cards are slowly returning to companies' mailboxes, according to industry analysts.

The CreditCards.com credit card rate survey is conducted weekly, using offer data from the leading U.S. card issuers' Web sites. Introductory offer periods and regular interest rates will vary with applicants' credit quality and issuer risk-based pricing policies.

About CreditCards.com
CreditCards.com is the leading online credit card marketplace connecting consumers with multiple credit card issuers, including several of the 10 largest in the United States, based on credit card transaction volume. CreditCards.com, http://www.creditcards.com, enables consumers to search for, compare and apply for credit cards and offers credit card issuers an online channel to acquire qualified applicants.  

Contact:
CreditCards.com, Austin
Ben Woolsey, 512-996-8663, ext. 106
Director of Marketing

NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.

Source: CreditCards.com