April 27, 2011

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas—Interest rates on new credit card offers were unchanged this week, according to the CreditCards.com Weekly Credit Card Rate Report.
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
National Average 14.67% 14.67% 14.69%
Low Interest 11.18% 11.18% 11.93%
Balance Transfer 12.78% 12.78% 12.83%
Business 12.91% 12.91% 13.05%
Cash Back 13.69% 13.69% 12.70%
Student 13.71% 13.71% 14.49%
Airline 14.33% 14.33% 14.45%
Reward 14.39% 14.39% 14.29%
Instant Approval 15.99% 15.99% 16.49%
Bad Credit 23.95% 23.95% 24.64%
Source: CreditCards.com
Updated: 04-27-11

This lack of movement is nothing new. Rates have been largely static throughout 2011.

However, as the chart above shows, the national average APR for a new credit card offer is actually slightly lower than it was six months ago. That’s good news for cardholders, who are heading into the summer travel season already wrestling with sky-high prices for gas and groceries.

Cardholders got more good news as the Federal Reserve said today it will be leaving the federal funds rate unchanged. That matters because when the fed funds rate goes up, the prime rate goes up by the same amount. When the prime rate moves, people with variable-rate cards – the vast majority of U.S. cardholders -- see their cards’ APRs increase by the same amount immediately.

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, 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.  

For more information, 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