June 22, 2011

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas—Interest rates on new credit card offers nudged higher for the first time in four weeks, 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
National Average 14.84% 14.83% 14.68%
Low Interest 10.73% 10.73% 11.91%
Balance Transfer 12.78% 12.76% 12.82%
Business 13.07% 13.07% 12.91%
Student 13.77% 13.77% 13.31%
Cash Back 13.90% 13.87% 12.48%
Airline 14.31% 14.24% 14.24%
Reward 14.41% 14.40% 14.34%
Instant Approval 15.99% 15.99% 15.99%
Bad Credit 24.96% 24.96% 24.95%
Source: CreditCards.com
Updated: 06-22-11

The average annual percentage rate (APR) on a new card offer rose to 14.84 percent this week – just below the record high of 14.85 percent, which occurred in mid-May.

The APR increase was spurred by Barclays, which dropped one of the available APR ranges on its U.S. Airways Premier World MasterCard. The bank had offered the card with multiple ranges depending on where the offer was viewed -- either 15.24 percent to 24.99 percent or 15.99 percent to 24.99 percent. However, Barclays spokesman Kevin Sullivan said the latter range is now the only APR being offered for the card. Since the low end of the range is used to calculate the national average, the change pushed the national average upward.

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:

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Contact:
CreditCards.com, Austin
Ben Woolsey, 512-996-8663, ext. 106
Director of Marketing
benw@creditcards.com

NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.

Source: CreditCards.com