April 06, 2011
Austin, Texas—Interest rates on credit card offers remained unchanged
for the fourth straight week, according to the CreditCards.com Weekly Credit
Card Rate Report, but issuers are still tweaking offers.
The average is composed of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category. Introductory (teaser) rates are not included in the calculation.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
The national average APR on introductory credit card offers held steady at 14.65 percent. It has been static for most of 2011, but is still up from six months ago, when it stood at 14.35 percent.
Although APRs remained unchanged, issuers aren't just sitting on their hands. Several major card issuers, including Citi, American Express and Discover, adjusted introductory purchase and balance transfer offers on various cards in the past week.
For example, Citi increased the length of the introductory period for purchases and balance transfers from 18 to 21 months for its Platinum Select MasterCard. Discover extended the introductory period for purchases from 12 months to 15 months on its More card.
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.
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, 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.