November 9, 2011
Austin, Texas—Interest rates on new credit card offers inched up this week for the first time in a month, according to the CreditCards.com Weekly Credit Card Rate Report.
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|
The average annual percentage rate (APR) reached 14.99 percent, just one tenth of a percentage point shy of the national APR average record high, which was set in October.
This week's move was spurred by USAA, which increased the APR offered for its USAA World MasterCard. The interest rate was 8.90 percent to 25.90 percent; it is now 9.90 percent to 25.90 percent.
USAA wasn't the only one tweaking rates. Another change in Libor -- the British equivalent of the U.S. federal funds rate -- prompted an APR increase for the Cabela's Club Visa, Cabela's Chief Financial Officer Kevin Werts said. The APR offered was 9.99 percent to 18.23 percent. It is now 9.99 percent to 18.24 percent.
The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) 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.