April 17, 2008
Austin, Texas - Annual percentage rates for select major credit card categories trended upward this week amid increasingly bleak economic news.
The Federal Reserve's Beige Book -- a compilation of anecdotal economic reports from across the country -- reported that consumers spending is "softening across most of the country." Consumer spending is the largest single component of the American economy.
In addition to the bad news from the Fed, the Commerce Department reported that the already-battered housing industry got worse, with housing starts falling to the lowest level since the recession of the early '90s.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Month|
|For Bad Credit||12.47%||12.49%||14.12%|
Of the nine credit card categories tracked, five were higher, two were lower and two were unchanged. Rates can move because of changes in the prime rate prompted by interest rate changes by the Federal Reserve, or by policy changes by issuing institutions.
The CreditCards.com credit card rate survey is conducted weekly using data from the leading U.S. card issuers. The reported rate movements may also have been 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. Through its Web site, https://www.creditcards.com/, CreditCards.com enables consumers to search for, compare and apply for more than 150 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.