March 12, 2009
Austin, Texas -- The national average annual percentage rate on new credit card offers declined this week, breaking a four-week upward trend, according to the CreditCards.com Weekly Credit Card Rate Report.
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, three fell, three rose and two were unchanged.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
With those credit cards in hand, consumers headed back to the stores in early 2009. Data released today showed that retail sales were basically flat last month following a 1.8 percent gain in January. When slumping auto purchases were excluded, retail sales actually increased 0.7 percent in February.
However, as rising unemployment shuts off cash flows, cardholders may struggle to pay for their purchases. Fitch Ratings reported this week that consumers are falling farther behind on their credit card bills, with its credit card delinquency rate reaching an all-time high at the end of January. Additionally, credit bureau TransUnion predicted that card delinquency rates will advance into next year.
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.