March 2, 2011
Austin, Texas—Interest rates on new credit card offers declined this week, according to the CreditCards.com Weekly Credit Card Rate Report, after First Premier adjusted two card offerings.
The average is composed of 100 of the most popular credit cards, including cards from dozens of leading U.S. issuers. 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|
First Premier temporarily discontinued its First Premier Gold card – which featured a 59.9 percent APR – and replaced it with a secured card with a 49.9 percent APR. We replaced the Gold card with the secured card in the CreditCards.com database, and the difference between the cards’ APRs pushed the national average lower for the first time in 2011.
We also updated categories in the database this week in order to better reflect recent changes to card offers. As a result, the average APR for most categories has changed. For example, Bank of America eliminated balance transfer offers for several cards recently, so those cards were removed from the Balance Transfer category in our database -- causing the average APR for that category to decline this week.
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.
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.
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.