March 21, 2012
Austin, Texas —Credit card interest rates dipped slightly on Wednesday after two straight weeks of increases, 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. Of the nine categories we track, two fell and seven were unchanged.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
The average annual percentage rate (APR) fell to 15 percent, breaking a two-week streak in which interest rates rose. This is the fourth time this year rates have declined, after reaching a record high of 15.22 percent in December.
This week’s dip in rates was spurred by a rate change on the Citi Forward card. The bank lowered the bottom end of the card’s APR range from 14.24 percent to 12.99 percent, prompting the national average to decline. The bank did not change the top end of the card’s range, which is currently 22.99 percent.
Citi did not respond to a request for comment on the change.
The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) 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.