December 21, 2010
Austin, Texas—The national average interest rate on new credit card offers increased this week, according to the CreditCards.com Weekly Credit Card Rate Report, after Barclays and Capital One made card charges.
The average is composed of 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) rose in three, fell in one and were unchanged in five.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
Rates increased for the first time in six weeks, after Barclays adjusted the APR range on its Carnival One World MasterCard from between 11.24 percent and 17.24 percent to between 13.99 percent and 24.99 percent.
Other banks also tweaked their offers. Capital One discontinued its Secured MasterCard for Young Adults card, which CreditCards.com replaced in its database with the more broadly marketed Capital One Secured MasterCard. That card had a higher APR than the one it replaced, helping send the national average higher.
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.
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.
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.