July 7, 2010

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas — The streak is over.

The national average interest rate on new credit card offers was unchanged last week, according to the CreditCards.com Weekly Credit Card Rate Report. It's the first time in six weeks that the rate hadn't risen.

The average is composed of about 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 (teaser) rates are not included in the calculation. Among the nine card categories, average annual percentage rates (APRs) increased in one, fell in two and were unchanged in six.      

Rates for card categories tracked by CreditCards.com are listed below:

Credit Card Rate Averages
  Avg. APR Last Week 6 Months ago
National Average 14.43% 14.43% 12.87%
Business 12.96% 12.96% 10.74%
Low Interest 12.18% 12.04% 11.97%
Cash Back 12.63% 12.63% 12.49%
Balance Transfer 12.93% 12.93% 12.03%
Reward 14.73% 14.75% 13.09%
Instant Approval 15.99% 15.99% 12.99%
Airline 14.30% 14.46% 13.70%
Bad Credit 20.32% 20.32% 13.74%
Student 13.96% 13.96% 14.51%
Source: CreditCards.com
Updated: 07-07-10

The run of increases was the longest since 2007, when rates rose for seven straight weeks. But an unchanged national average doesn't mean that issuers weren't making moves. Discover lowered the standard purchase APR for two cards -- its Escape and Miles cards. Citi raised the lower end of the range of its Platinum Select MasterCard two percentage points, and Chase changed its Priority Club Visa from a single 13.24 percent APR to a range of 13.24 percent to 17.24 percent.

The CreditCards.com credit card rate survey is conducted weekly, using offer data from the leading U.S. card issuers' Web sites. Introductory offer periods and regular interest rates will vary with applicants' credit quality and issuer risk-based pricing policies.

About CreditCards.com
CreditCards.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.  

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Contact:
CreditCards.com, Austin
Ben Woolsey, 512-996-8663, ext. 106
Director of Marketing
benw@creditcards.com

NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.

Source: CreditCards.com