CreditCards.com: Weekly Credit Card Rate Report

Dec 29, 2010, 13:01 ET from CreditCards.com

AUSTIN, Texas, Dec. 29, 2010 /PRNewswire/ -- Interest rates on new credit card offers remained unchanged this week, according to the CreditCards.com Weekly Credit Card Rate Report, as banks wrapped up a turbulent year in which interest rates reached record highs.  

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The average is composed of 100 of the most popular credit cards, including cards from dozens of leading U.S. issuers. Introductory (teaser) rates are not included in the calculation. The average in all nine card categories remained the same after banks left rates alone.

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

Credit Card Averages





Avg. APR

Last week

6 months ago

National Average

14.68%

14.68%

14.43%

Low Interest

11.91%

11.91%

12.04%

Cash Back

12.48%

12.48%

12.63%

Balance Transfer

12.82%

12.82%

12.93%

Business

12.91%

12.91%

12.96%

Student

13.31%

13.31%

13.96%

Airline

14.24%

14.24%

14.46%

Reward

14.34%

14.34%

14.75%

Instant Approval

15.99%

15.99%

15.99%

Bad Credit

24.95%

24.95%

20.32%

Source: CreditCards.com


Updated: 12-29-2010




We found no APR changes for any of the cards in our database this week, leaving the national average unchanged for the third time in five weeks.

Still, it has been a costly year for credit cardholders. According to CreditCards.com data, interest rates have jumped dramatically since Jan. 1, 2010, when the average new card APR was 12.97 percent. As a result, a typical cardholder who borrowed $5,000 on a credit card today and paid $150 monthly at today's average APR would have to spend $229 more to pay off the balance than would have been required when 2010 began.

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, 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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