August 18, 2010

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas — Interest rates on new credit card offers rose slightly this week, according to the CreditCards.com Weekly Credit Card Rate Report, after Wells Fargo increased the rate on a card.  

The average is composed of about 100 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) advanced in one and were unchanged in eight. 

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

Credit Card Rate Averages
  Avg. APR Last Week 6 Months ago
National Average 14.35% 14.34% 14.14%
Low Interest 12.11% 12.11% 12.17%
Cash Back 12.49% 12.49% 12.54%
Balance Transfer 12.81% 12.81% 12.72%
Business 12.85% 12.85% 11.32%
Airline 14.37% 14.37% 14.17%
Reward 14.40% 14.40% 13.76%
Student 14.49% 14.49% 14.47%
Instant Approval 15.99% 15.99% 18.41%
Bad Credit 21.04% 20.89% 24.86%
Source: CreditCards.com
Updated: 08-18-10

After falling the prior two weeks, the national average got a boost from Wells Fargo. The bank hiked the APR on its Wells Fargo secured card from 17.49 percent to 18.99 percent. When reached for comment, Wells Fargo said that as a normal course of business, it evaluates pricing and rate structures. "Our pricing reflects the current business environment," says Lisa Westermann, assistant vice president of public relations. "Our intent is to continue to provide credit to as many customers as possible," she says.

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.  

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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