March 24, 2010
Austin, Texas — Interest rates on new credit card offers rose this week, according to the CreditCards.com Weekly Credit Card Rate Report, spurred by changes in Capital One's business card offerings.
The average is comprised of about 95 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed below. Introductory (teaser) rates are not included in the calculation. Among the nine card categories, average APRs increased in two and were unchanged in seven.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
Capital One's Visa Business Platinum card's APR changed from a range (14.99 to 24.99 percent) to a single rate of 19.99 percent. Also, one no longer available Capital One business card was replaced in our database by another with a slightly higher APR.
Capital One didn't respond to requests for comment. Credit card rates have risen steadily in recent months, due to the troubled economy and greater regulation from the Credit CARD Act. Although the law restricts lenders' ability to raise rates on existing cardholders, it allows banks to freely alter the terms for new cards.
The CreditCards.com credit card rate survey is conducted weekly, using offer data from the leading U.S. card issuers' Web sites. 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 several 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.