June 15, 2011

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas—Interest rates on new credit card offers remained unchanged for the third straight week, according to the CreditCards.com Weekly Credit Card Rate Report. But issuers aren't sitting on their hands.

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
National Average 14.83% 14.83% 14.63%
Low Interest 10.73% 10.73% 11.91%
Balance Transfer 12.76% 12.76% 12.73%
Business 13.07% 13.07% 12.91%
Student 13.77% 13.77% 13.96%
Cash Back 13.87% 13.87% 12.48%
Airline 14.24% 14.24% 14.24%
Reward 14.40% 14.40% 14.29%
Instant Approval 15.99% 15.99% 15.99%
Bad Credit 24.96% 24.96% 24.64%
Source: CreditCards.com
Updated: 06-15-11

Although the national average held steady at 14.83 percent, one bank temporarily stopped marketing a card this week.  For the time being, Bank of America has removed the NASCAR RacePoints Visa from its website. 

"We’re in the process of evaluating potential changes to the product features and have temporarily discontinued marketing the card to avoid any customer confusion," spokeswoman for Bank of America Betty Riess said. 

Bank of America, a leader in sports rewards cards, also markets the MLB Extra Bases MasterCard.  For 15 years, BoA offered NFL team Visa cards until 2010, when London-based Barclay's won the league's business.

Sports affiliated cards often offer discounts for items on a team’s online store and, sometimes, tickets to games.

The CreditCards.com credit card rate survey 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.

About CreditCards.com
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.  

For more information, contact:


CreditCards.com, Austin
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.

Source: CreditCards.com