August 25, 2010

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas — The national average interest rate on new credit card offers was unchanged this week, according to the CreditCards.com Weekly Credit Card Rate Report, even as one issuer reintroduced an extremely high rate.

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. Average annual percentage rates (APRs) advanced held steady all nine card categories.   

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% 14.35% 14.62%
Low Interest 12.11% 12.11% 11.52%
Cash Back 12.53% 12.53% 11.69%
Balance Transfer 12.77% 12.77% 12.10%
Business 13.06% 13.06% 9.69%
Airline 14.43% 14.43% 13.97%
Reward 14.44% 14.44% 12.37%
Student 14.10% 14.10% 14.45%
Instant Approval 18.41% 18.41% 13.32%
Bad Credit 20.24% 20.84% 14.29%
Source: CreditCards.com
Updated: 08-25-10

There were no changes to the APR database. However, some online offers for First Premier bank's Centennial Classic card showed an APR of 59.9 percent. That compares with the card's existing rate of 23.9 percent that some applicants will continue to find, depending on how they reach the Centennial Classic offer through the Internet.

When a card offers a range of APRs, we use the lowest rate when calculating our national average. Because we found two available rates for the Centennial Classic card, we chose not to alter the national average to reflect the higher rate.    

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