June 11, 2009
Austin, Texas -- The national average annual percentage rate on new credit card offers decreased this week, according to the CreditCards.com Weekly Credit Card Rate Report, amid signs the Federal Reserve will leave interest rates unchanged.
The national average credit card APR is comprised of 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, or teaser, rates are not included in the calculation.) Among averages in nine card categories, five fell and four rose.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
The Federal Reserve will likely hold off on raising interest rates until economic growth resumes. According to comments made Wednesday by Richmond Fed President Jeffrey Lacker, the stagnant economy is "likely to warrant rates as low as they are now for some time."
Meanwhile, the Fed's beige book survey indicated that economic conditions across the United States "remained weak or deteriorated further" from mid-April through May, although some regions noted signs of optimism. That report was confirmed by May retail sales data that firmed primarily due to higher gas prices.
The CreditCards.com credit card rate survey is conducted weekly using offer data from the leading U.S. card issuers as found on their 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.