November 17, 2010
Austin, Texas—The national average interest rate on new credit card offers fell for the first time in seven weeks, according to the CreditCards.com Weekly Credit Card Rate Report, following the latest Discover card adjustment.
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) fell in four 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 past two weeks, rates hit highs not seen since tracking began in 2007. But this week, APRs fell for the first time since mid-September as Discover lowered its More card’s APR from between 12.99 and 19.99 percent to between 11.99 and 19.99 percent. Since the national average is calculated using the bottom end of any APR ranges, that change sent rates lower.
Other changes were less favorable for new cardholders. Wells Fargo raised the top end of the APR ranges for both its Cash Back and Rewards cards.
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.