Wednesday, March 10, 2010

AUSTIN, Texas, March 10 /PRNewswire/ -- Interest rates on new credit card offers rebounded this week, according to the CreditCards.com Weekly Credit Card Rate Report, after U.S. Bank raised rates on several of its card offers.

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The national average credit card annual percentage rate (APR) rose to 14.56 percent -- short of the record 14.62 percent rate seen two weeks ago, but still the second highest rate since tracking began in 2007. The average is comprised of about 95 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 average APRs in nine card categories, five increased, three decreased and one was unchanged.

Rates for card categories tracked by CreditCards.com are listed below:

    
    
    
    Credit Card Rate Averages
    -------------------------
    
                                 Avg. APR        Last week        6 months ago
    National Average              14.56%           14.39%              12.28%
    Business                      12.20%           11.70%              10.49%
    Low Interest                  12.41%           12.38%              11.52%
    Cash Back                     12.72%           12.61%              11.69%
    Balance Transfer              12.88%           12.71%              10.32%
    Student                       14.35%           14.61%              14.45%
    Airline                       14.43%           14.37%              13.79%
    Reward                        14.59%           14.82%              12.16%
    Instant Approval              18.41%           18.41%              13.32%
    Bad Credit                    21.09%           21.14%              14.29%
    
    Source: CreditCards.com
    Updated: 3-10-10
    

U.S. Bank boosted APRs on four cards following the recently implemented Credit CARD Act. Although the new law restricts lenders' ability to adjust current cardholder APRs for risk, it doesn't limit the rates on new card offers. Since the law's passage, many issuers have chosen to dramatically increase APRs on new cards.

The CreditCards.com credit card rate survey is conducted weekly, using offer data from the leading U.S. card issuers' Web sites. 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 several of the 10 largest in the United States, based on credit card transaction volume. CreditCards.com, http://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.  

SOURCE CreditCards.com

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