August 27, 2009
Austin, Texas — The national average annual percentage rate on new credit card offers remained at 12.17 percent this week, according to the CreditCards.com Weekly Credit Card Rate Report, as banks paused after a recent run of APR increases.
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.) The averages in nine card categories were unchanged.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
| Source: CreditCards.com
Banks increased APRs over recent months both in advance of new laws and to insulate themselves from economic challenges. However, lenders now appear to be leaving rates alone, as the laws begin to take effect and the economic recovery gets under way.
The first phase of the new Credit CARD Act began on Aug. 20, enabling cardholders to opt out of interest rate hikes and other major changes. Meanwhile, signaling some borrower strength, credit bureau TransUnion reported earlier this week that card delinquency rates declined in the second quarter.
The CreditCards.com 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 CreditCards.comCreditCards.com 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. 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
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.