November 10, 2010
Austin, Texas—The national average interest rate on new credit card offers hit another record high this week, according to the CreditCards.com Weekly Credit Card Rate Report, after rate hikes from U.S. Bank and Discover.
The average is composed of about 100 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) rose in three, fell in one and were unchanged in five.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
For the second straight week, the national average reached its highest level since tracking began in 2007. It’s the fourth straight weekly increase and the sixth in seven weeks. Spurring the jump, U.S. Bank raised the rate on its Flex Perks Travel Rewards Visa Signature card and Discover hiked the rate on its More card.
There was some good news for cardholders, though. Chase lowered the bottom end of the APR range on its Freedom card a point to 11.99. The range’s top end remains 22.99.
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.
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.