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September 8, 2010

 

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas — The national average interest rate on new credit card offers was unchanged this week, according to the CreditCards.com Weekly Credit Card Rate Report, following the return of the NFL Extra Points Rewards credit card.

The average is composed of about 100 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) declined 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	14.15%	14.15%	14.39%
Low Interest	11.99%	11.99%	12.38%
Cash Back	12.31%	12.31%	12.61%
Balance Transfer	12.68%	12.68%	12.71%
Business	12.85%	12.85%	11.70%
Student	14.05%	14.05%	14.61%
Airline	14.14%	14.14%	14.37%
Reward	14.32%	14.33%	14.82%
Instant Approval	15.99%	15.99%	18.41%
Bad Credit	20.64%	20.64%	21.14%
Source: CreditCards.com Updated: 09-08-10

The NFL card was previously pulled from our database in mid-April before the NFL moved its credit card business from Bank of America to Barclays. The new NFL card debuted at Barclays in September, with APRs of 13.74 percent or 17.74 percent, depending on the borrower's credit history.

When a card offers two APRs, we use the lower rate in our calculations. The NFL card's new low rate brought down APRs in the rewards category, but wasn't enough of a decrease to impact the national average.

The CreditCards.com credit card rate survey is conducted weekly, using offer data from the leading U.S. card issuers' websites. 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 a majority 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