May 5, 2010
Austin, Texas — Interest rates on new credit card offers declined for a record fourth straight week, according to the CreditCards.com Weekly Credit Card Rate Report, after a subprime card issuer adjusted some of its 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|
For the first time since tracking began in 2007, rates have declined for four straight weeks. This week, First Premier, which markets cards to customers with poor credit, removed its First Premier Bank Classic and Aventium cards following a routine offer review. Those cards were replaced in CreditCards.com's database with a lower APR product.
The recent declines have brought APRs down from elevated levels. Federal Reserve data released earlier this week showed that 27 percent of issuers raised interest rates in the first three months of 2010.
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.
For more information, contact:
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.