August 21, 2009 Weekly Credit Card Rate Report

Austin, Texas —The national average interest rate on new credit card offers shot up this week, according to the Weekly Credit Card Rate Report, as card issuers got their last licks in before a new credit card reform bill's first wave of restrictions kicked in.

The national average credit card APR is comprised of 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, or teaser, rates are not included in the calculation. Of the nine categories tracked, three rose, five were unchanged and one fell.

Rates for card categories tracked by are listed below:

Credit Card Rate Averages
  Avg. APR Last Week 6 Months ago
National Average 12.17% 12.06% 12.33%
Balance Transfer 10.14% 10.14% 10.90%
Low Interest 10.62% 10.53% 12.11%
Cash Back 11.77% 11.63% 12.39%
Business 11.07% 11.41% 16.74%
Reward 12.16% 12.10% 11.83%
Instant Approval 12.99% 12.99% 11.29%
Airline 13.48% 13.48% 12.18%
Bad Credit 14.29% 14.29% 12.15%
Student 14.45% 14.45% 15.94%
Updated: 08-21-09

The first phase restrictions of the Credit CARD Act of 2009 went into effect today. It requires credit card issuers to let consumers opt out of rate increases, requires 45 days' notice of significant changes in the account's terms and increases to 21 days the minimum time between billing date and due date.

Other major provisions of the law, including restrictions on raising rates on existing credit card debt, go into effect in February 2010.

The credit card rate survey is conducted weekly, using offer data from the leading U.S. card issuers as found on their Web sites. Introductory offer periods and regular interest rates will vary with applicants' credit quality and issuer risk-based pricing policies.

About 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.,, enables consumers to search for, compare and apply for 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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