May 26, 2010

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas — Interest rates on new credit card offers were unchanged this week, according to the CreditCards.com Weekly Credit Card Rate Report, after banks largely refrained from adjusting their 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. Average annual percentage rates (APRs) held steady in all nine card categories this week.      

Rates for card categories tracked by CreditCards.com are listed below:

Credit Card Rate Averages
  Avg. APR Last Week 6 Months ago
National Average 14.17% 14.17% 12.71%
Low Interest 12.04% 12.04% 11.65%
Cash Back 12.63% 12.63% 12.08%
Balance Transfer 12.80% 12.80% 12.13%
Business 12.96% 12.96% 9.74%
Student 13.87% 13.87% 14.89%
Reward 14.33% 14.33% 13.29%
Airline 14.43% 14.43% 13.60%
Instant Approval 15.99% 15.99% 13.32%
Bad Credit 19.50% 19.50% 13.74%
Source: CreditCards.com
Updated: 05-26-10

The only APR change in our database this week came from Wells Fargo, which boosted the top end of the APR range for its Wells Fargo College Card. When reached for comment, Wells Fargo said it routinely adjusts its card pricing based on market conditions.     

That increase didn't affect interest rates, however, since CreditCards.com calculates the average rate using the low end of any APR ranges.

Last week, Wells Fargo raised rates on four of its card offers, pushing the national average higher and ending a record five-week run of declines.

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.

About CreditCards.com
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.  

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Contact:
CreditCards.com, Austin
Ben Woolsey, 512-996-8663, ext. 106
Director of Marketing
benw@creditcards.com

NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.

Source: CreditCards.com