February 16, 2011
Austin, Texas—Interest rates on new credit card offers remained flat 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|
So far, 2011 has been marked by an unusual lack of movement on card offers. This week marks the fourth time since the beginning of the year that card offers have remained unchanged. None of the card issuers that CreditCards.com tracks made APR moves this week, and all but one left promotional offers alone as well.
This year’s relative lack of movement on offers for new cardholders is a significant departure from most of 2010 when card issuers tested offers far more often. Since the beginning of 2011, the national average has hovered just above 14.7 percent, and it hasn’t declined once since the beginning of the year. This year’s rate increases have also been notably small.
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.