June 6, 2012
Austin, Texas — Interest rates on new credit card offers dipped slightly this week, according to the CreditCards.com Weekly Credit Card Rate Report.
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. Introductory (teaser) rates are not included in the calculation.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
The national average annual percentage rate (APR) on new card offers fell to 14.92 percent Wednesday, making this the first week in nearly two months that average rates have declined.
This week’s dip in rates was spurred by a rate change on the CitiBusiness World MasterCard. Citi lowered the card’s APR by a full percentage point, bringing it down from 14.24 percent to 13.24 percent. Citi didn’t respond to a request for comment.
Discover was also active this week. The issuer widened the range on two of its rewards cards: the Miles by Discover card and the Discover Escape card. Previously, both cards advertised a five-point range of 10.99 percent to 15.99 percent. Now, both cards feature a nine-point range of 10.99 percent to 19.99 percent.
The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) 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.