August 14, 2008 Weekly Credit Card Rate Report

Austin, Texas -- Annual percentage rates for new credit card offers were flat this week, as banks left interest rates alone, according to the Weekly Credit Card Rate Report.  

With credit card delinquencies low and the Federal Reserve's key short-term interest rate unchanged last week, banks chose not to change their APR offers.

Rates for card categories tracked by are listed below:

Credit Card Rate Averages
  Avg. APR Last Week 6 Month
Balance Transfer 9.65% 9.65% 10.03%
Business 10.46% 10.46% 10.91%
Low Interest 10.80% 10.80% 10.97%
Bad Credit 11.09% 11.09% 13.25%
Instant Approval 11.26% 11.26% 10.81%
Cash Back 11.37% 11.37% 11.46%
Reward 11.89% 11.89% 11.63%
Airline 12.87% 12.87% 12.69%
Student 14.71% 14.71% 15.83%
Updated: 08-14-08

The Fed left the federal funds rate unchanged at 2 percent last week. That means an unchanged prime rate, which banks use to set APRs on variable rate cards. Still, banks have the freedom to increase APRs on card offers to protect themselves, should economic conditions drive delinquencies higher. According to the Fed's quarterly survey of senior loan officers, issuers had already sharply tightened lending standards in July.

Although the consumer price index showed inflation reaching a 17-year-high annual rate last month, the Fed remains unlikely to hike the federal funds rate in the near future. Many of the factors lifting prices in recent months, including costly energy and commodities and a weaker U.S. dollar, have reversed since mid-July.

The 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.

About 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.,, 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.  


Contact:, Austin
Ben Woolsey, 512-996-8663, ext. 106
Director of Marketing

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