May 18, 2011
Austin, Texas—Interest rates on new credit card offers jumped this week, according to the CreditCards.com Weekly Credit Card Rate Report, after Discover raised rates on a business card.
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, three went up and six were unchanged.
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
Discover raised its Discover Business card’s APR, sending the national average higher. The card’s APR climbed to a range of 12.99 percent to 19.99 percent. Before the move, the range was 10.99 percent to 18.99 percent.
When asked to comment, Discover did not respond.
The change to our business cards category is the first of its kind in 2011. The last time we saw a change to the national APR average for business cards was mid-November of 2010, when it fell to 12.91 percent. However, as many businesses struggle in a challenging economy, any increases drive home the importance of doing adequate research before acquiring a business card.
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
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