May 19, 2010
Austin, Texas — Interest rates on new credit card offers rose this week, according to the CreditCards.com Weekly Credit Card Rate Report, ending a record string of declines.
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) increased in six and were unchanged in three.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
Following five straight weekly declines, APRs rebounded after several major banks adjusted their card offers, including a number of changes to introductory and balance transfer rates. Among the recent changes to standard purchase APRs, Wells Fargo increased rates on four of its cards. When reached for comment, Wells Fargo said it routinely adjusts its card pricing based on market conditions.
Despite the latest advance, interest rates still have some distance to go before they challenge record highs established only last month. On April 7, APRs reached a peak of 14.70 percent.
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.