January 26, 2011
Austin, Texas—Interest rates on new credit card offers held steady this week, according to the CreditCards.com Weekly Credit Card Rate Report, as banks took a break from adjusting rates.
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. 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|
We found no APR changes for any of the cards in our database this week, leaving the national average unchanged for the fifth time since the beginning of December. The national average has hovered above 14.6 percent for the past 14 weeks, reaching a record high of 14.78 percent in mid-November. Prior to last October, the national APR average had risen above 14.6 percent only once in more than three years, according to CreditCards.com data.
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.