March 05, 2009
Austin, Texas -- The national average annual percentage rate on new credit card offers rose for the fourth consecutive week, according to the CreditCards.com Weekly Credit Card Rate Report, as the government launched a highly-anticipated program to encourage lending.
The national average credit card APR is comprised of every card found at CreditCards.com. Introductory (teaser) rates are not included in the calculation. Among averages in eight card categories, six increased, one fell and one was unchanged.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
On Tuesday, the Department of the Treasury and the Federal Reserve launched the Term Asset-Backed Securities Loan Facility (TALF), a program designed to spur up to $1 trillion of lending for businesses and households by providing up to $200 billion in financing to investors to purchase debt.
“We should see immediate benefits to students, to credit cards, to small businesses, to consumer loans,” Fed Chairman Ben Bernanke told lawmakers. Meanwhile, potential borrowers remain hungry for credit: A Fed report released last month showed that more than half of lenders tightened credit card lending standards in the final months of 2008.
The CreditCards.com credit card rate survey is conducted weekly using offer data from the leading U.S. card issuers. Rate movement may be influenced by changes in the composition of offers tracked.
Introductory offer periods and regular interest rates vary with applicants' credit quality and issuer risk-based pricing policies.
CreditCards.com is a leading online credit card marketplace connecting consumers with multiple credit card issuers, including nine 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.