October 19, 2011

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas—Interest rates on new credit card offers fell for the first time since July, 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
National Average 14.99% 15.00% 14.65%
Low Interest 10.73% 10.73% 11.18%
Balance Transfer 12.77% 12.77% 12.78%
Business 13.13% 13.13% 12.91%
Student 13.77% 13.77% 13.42%
Airline 14.44% 14.44% 14.33%
Reward 14.70% 14.71% 14.32%
Cash Back 14.70% 14.70% 13.41%
Instant Approval 15.99% 15.99% 15.99%
Bad Credit 24.96% 24.96% 23.95%
Source: CreditCards.com
Updated: 10-19-11

The average annual percentage rate (APR) dipped to 14.99 percent, marking the first time in eight weeks that rates have not been at record levels.

Chase spurred the move by lowering the APR of its Marriott Rewards Visa. The card had carried an APR of 15.24 percent, but that rate was trimmed to 14.24 percent. Chase spokesman Steve O'Halloran confirmed the change.

"Chase offers a number of cards with different rates and benefits, which is why we encourage customers to choose the card that is best for them," O'Halloran said.
Though the national APR average has begun inching downward, it remains just one tenth of a percentage point below its all-time record high of 15 percent, where it stood just last week.
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.

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.

For more information, 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