February 9, 2011
Austin, Texas—Interest rates on new credit card offers remained unchanged this week, according to the CreditCards.com Weekly Credit Card Rate Report.
The average is composed of 100 of the most popular credit cards, including cards from dozens of leading U.S. issuers. Introductory (teaser) rates are not included in the calculation. The average in all nine categories remained the same after banks left rates alone.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
This week continues a recent trend of inactivity for card issuers. None of the issuers that CreditCards.com tracks made APR moves this week, marking the sixth time in 11 weeks that the national average APR has remained unchanged. During that period, the national average has declined only once.
This month also marks the one-year anniversary of the national average topping 14 percent for the first time since CreditCards.com began tracking rates in mid-2007. According to CreditCards.com data, interest rates shot up nearly 1 percentage point to 14.12 percent on Feb. 3, 2010. That’s just shortly before major provisions of the Credit CARD Act went into effect on Feb. 22, 2010. The national average hasn’t dipped below 14 percent since.
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.