May 11, 2011
Austin, Texas—Interest rates on credit card offers stayed static this week, according to the CreditCards.com Weekly Credit Card Rate Report, though banks aren’t just standing idly.
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.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
Discover and Cabela's each changed the top end of a card’s APR range. The high end of the Miles by Discover card’s range dropped from 16.99 percent to 15.99 percent. (The low end stayed at 10.99 percent.) The top end of the Cabela's card’s range dropped from 18.25 percent to 18.20 percent, while the low end held at 9.99 percent. Only the low ends of APR ranges are used in our calculations, so the national average APR was unaffected by these moves.
Cabela’s change was the result of a change in Libor, an index that’s the British equivalent of the U.S. federal funds rate. While most U.S. variable rate credit cards are tied to the U.S. prime rate, Cabela’s is tied to Libor.
The CreditCards.com credit card rate survey 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.
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.