April 7, 2010

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas — Interest rates on new credit card offers rose this week, according to the CreditCards.com Weekly Credit Card Rate Report, as banks continued to tweak card offers amid a changed lending environment.

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) increased in four, declined in two and were unchanged in three.      

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

Credit Card Rate Averages
  Avg. APR Last Week 6 Months ago
National Average 14.70% 14.44% 12.55%
Business 12.96% 13.06% 9.80%
Low Interest 12.24% 12.24% 12.10%
Cash Back 12.57% 12.53% 12.36%
Balance Transfer 12.81% 12.77% 13.10%
Reward 14.85% 14.44% 12.61%
Instant Approval 19.62% 18.41% 13.32%
Airline 14.43% 14.43% 13.57%
Bad Credit 20.17% 20.24% 14.29%
Student 14.10% 14.10% 14.45%
Source: CreditCards.com
Updated: 04-07-10

Among the recent changes, the eBay MasterCard APR increased from a range of 19.99 percent to 23.99 percent, to a flat 26.99 percent, while a number of other banks either re-introduced or removed card offers. When such changes occur, the offers in the CreditCards.com database are updated to maintain an accurate picture of the credit card marketplace. 

Banks have attributed their adjustments to the tough economy and the Credit CARD Act, which restricts rate increases on existing plastic, but doesn't limit APRs for new credit 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, 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.  

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

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

Source: CreditCards.com