April 2, 2009
Austin, Texas -- The national average annual percentage rate on new credit card offers turned upward this week, according to the CreditCards.com Weekly Credit Card Rate Report, as an influential credit ratings firm sounded a positive note on the Federal Reserve's attempt to stimulate lending.
The national average credit card APR is comprised of every card found at CreditCards.com. Introductory (teaser) rates are not included in the calculation. Among averages in eight card categories, six advanced and two were unchanged.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Month|
In a report Wednesday, Moody's Investors Service said the Fed's Term Asset-Backed Securities Loan Facility (TALF) should have an initially modest impact on credit markets but will build momentum as it expands to include more securities. Currently, TALF focuses on securities issued in 2009 that are backed by consumer debt, including credit cards.
Although Moody's sees credit cards benefiting under TALF, experts have previously cautioned that banks could remain stingy about lending amid fears that troubled workers will be unable to repay loans. Jobs data for March, due out tomorrow, will shed further light on the state of U.S. employment.
The CreditCards.com credit card rate survey is conducted weekly using offer data from the leading U.S. card issuers. Rate movement may be influenced by changes in the composition of offers tracked.
Introductory offer periods and regular interest rates vary with applicants' credit quality and issuer risk-based pricing policies.
CreditCards.com is a leading online credit card marketplace connecting consumers with multiple credit card issuers, including nine of the 10 largest in the United States, based on credit card transaction volume. CreditCards.com, https://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.
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.