June 9, 2010
Austin, Texas — Interest rates on new credit card offers surged higher this week, according to the CreditCards.com Weekly Credit Card Rate Report, following some adjustments by Capital One.
The average is comprised 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) climbed in two and were unchanged in seven.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
Capital One introduced a higher APR version of its Orbitz Visa Platinum card aimed at borrowers with lower credit scores. The issuer also lowered rates on its Venture One Rewards Card, which is designed for borrowers with excellent credit. The changes were in response to the "competitive landscape and market conditions," Cap One said.
Other issuers also made adjustments. Chase changed its United Mileage Plus Visa Signature card from a single 13.24 percent rate to a range of 13.24 to 19.24 percent, meaning most cardholders are likely to qualify for those costlier rates.
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.
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.
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.