June 14, 2007
AUSTIN, Texas--(BUSINESS WIRE)--Credit card APRs were flat this week, as economic news appeared to calm fears of higher interest rates. Student credit cards continue to charge the steepest APRs.
Rates for major card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
Although recent talk on Wall Street has shifted from discussions of a possible rate cut by the Federal Reserve to the timing of potential monetary policy tightening, the latest economic news soothed some concerns. Data showed that May's core producer price index edged up only slightly, suggesting that wholesale price inflation remains tame when volatile food and energy costs are stripped out.
Currently, economists foresee the central bank leaving interest rates unchanged for the eighth-straight time when it meets later this month. Any Federal Reserve decision to tighten monetary policy would likely trickle down, resulting in an increase to credit card APRs.
The CreditCards.com credit card rate survey is conducted each week using data from the leading credit card issuers in the United States.
Introductory offer periods and actual regular interest rates can vary depending on individual applicants' credit quality and issuer risk-based pricing policies.
CreditCards.com is the leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, www.creditcards.com, consumers can compare hundreds of credit card offers from the nation's leading issuers and banks, and apply securely online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards; offering news, advice, features, statistics and tools - all designed to help consumers make smart choices about credit cards.
NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.
Ben Woolsey, 512-996-8663, ext. 106
Director of Marketing