October 13, 2010

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas—The national average interest rate on new credit card offers was unchanged this week, according to the CreditCards.com Weekly Credit Card Rate Report, despite Chase adjusting rates on several cards.  

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 five, decline in one 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
National Average 14.35% 14.35% 14.70%
Low Interest 11.93% 12.06% 12.24%
Cash Back 12.70% 12.55% 12.57%
Balance Transfer 12.83% 12.81% 12.81%
Business 13.05% 12.85% 12.96%
Airline 14.45% 14.37% 14.43%
Reward 14.41% 14.40% 14.85%
Student 14.49% 14.49% 14.10%
Instant Approval 16.49% 16.49% 19.62%
Bad Credit 21.04% 21.04% 20.17%
Source: CreditCards.com
Updated: 10-13-10

The lack of movement leaves the national average at its highest level since late August.

Though the average didn’t change, one major issuer made several moves. Chase hiked the APRs for its Southwest Airlines Visa Signature card and several Ink for Business cards. It also lowered the bottom end of the APR range for its Chase Slate card. The net impact of all of these moves on the national average was zero, however.

The bank said its pricing is based on a "multitude of factors" connected to its business.

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.

About CreditCards.com
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.  



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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