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March 31, 2010

 

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas — Interest rates on new credit card offers fell this week, according to the CreditCards.com Weekly Credit Card Rate Report, after subprime issuer Credit One tweaked some of its card offers.

The average is comprised 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. Among the nine card categories, average annual percentage rates (APRs) fell in one and were unchanged in eight.      

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

Credit Card Rate Averages
	Avg. APR	Last Week	6 Months ago
National Average	14.44%	14.50%	12.44%
Business	13.06%	13.06%	9.69%
Low Interest	12.24%	12.24%	11.52%
Cash Back	12.53%	12.53%	11.69%
Balance Transfer	12.77%	12.77%	12.10%
Reward	14.44%	14.44%	12.37%
Instant Approval	18.41%	18.41%	13.32%
Airline	14.43%	14.43%	13.97%
Bad Credit	20.24%	20.84%	14.29%
Student	14.10%	14.10%	14.45%
Source: CreditCards.com Updated: 03-31-10

The national average declined after we replaced a discontinued Credit One card in our database with a similar Credit One card with a lower APR. The previous offer had the highest APR of any we currently track. Credit One didn't respond to requests for comment.

Bad credit APRs are much higher than they were six months ago. Banks have raised rates in response to the challenging economy and the Credit CARD Act, which restricts increases to existing cards, but doesn't set limits on APRs for new card offers. 

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