March 31, 2010
Austin, Texas — Interest rates on new credit card offers fell this week, according to the CreditCards.com Weekly Credit Card Rate Report, after subprime issuer Credit One tweaked some of its card offers.
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 annual percentage rates (APRs) fell in one and were unchanged in eight.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
The national average declined after we replaced a discontinued Credit One card in our database with a similar Credit One card with a lower APR. The previous offer had the highest APR of any we currently track. Credit One didn't respond to requests for comment.
Bad credit APRs are much higher than they were six months ago. Banks have raised rates in response to the challenging economy and the Credit CARD Act, which restricts increases to existing cards, but doesn't set limits on APRs for new card offers.
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.