September 7, 2011

CreditCards.com: Weekly Credit Card Rate Report

Austin, Texas—Interest rates on new credit card offers stayed at record highs this week, 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 14.94% 14.94% 14.66%
Low Interest 10.73% 10.73% 11.18%
Balance Transfer 12.73% 12.73% 12.80%
Business 12.91% 12.91% 12.91%
Student 13.77% 13.77% 13.42%
Cash Back 14.34% 14.34% 13.45%
Airline 14.31% 14.31% 14.39%
Reward 14.57% 14.57% 14.33%
Instant Approval 15.99% 15.99% 15.99%
Bad Credit 24.96% 24.96% 23.95%
Source: CreditCards.com
Updated: 09-07-11

The average annual percentage rate (APR) on new card offers remained at 14.94 percent for the second straight week. That's the highest since we began tracking rates in 2007. The previous record was 14.91 percent, set in July.

Sporting goods store Cabela's changed the top end of the APR offered for Cabela's Club Visa from 18.18 percent to 18.21 percent. However, we only use the low end of ranges in our calculations, so the move did not affect the national average.

Cabela's chief financial officer Kevin Werts said the change was due to an increase in Libor, the British equivalent of the U.S. federal funds rate. When Libor moves, the Cabela’s card’s APR -- and APRs of all cards tied to Libor -- moves by the same amount.

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.  

 
For more information, contact:

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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