September 29, 2010
Austin, Texas—The national average interest rate on new credit card offers jumped this week, according to the CreditCards.com Weekly Credit Card Rate Report, after Capital One increased rates on seven of its 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) increased in six 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|
APRs advanced for the first time in six weeks following Capital One's decision to raise rates. Cap One hiked APRs on a variety of cards, including the Classic Platinum Card for Young Adults; the No Hassle Cash Rewards cards for average, good and excellent credit; the Venture One Rewards card; the Venture Rewards card and the Standard Platinum card.
Although Cap One didn't provide comment, the bank has previously said it adjusts those rates based on the "competitive landscape" and the overall market for 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.