CreditCards.com: Weekly Credit Card Rate Report

Mar 16, 2011, 17:41 ET from CreditCards.com

AUSTIN, Texas, March 16, 2011 /PRNewswire/ -- Interest rates on credit card offers remained unchanged this week, according to the CreditCards.com Weekly Credit Card Rate Report.

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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 Averages



Avg. APR

Last week

6 months ago

National Average

14.65%

14.65%

14.15%

Low Interest

11.18%

11.18%

11.99%

Cash Back

13.41%

13.41%

12.31%

Business

12.91%

12.91%

12.85%

Balance Transfer

12.78%

12.78%

12.68%

Student

13.42%

13.42%

14.05%

Airline

14.33%

14.33%

14.14%

Reward

14.32%

14.32%

14.32%

Instant Approval

15.99%

15.99%

15.99%

Bad Credit

23.95%

23.95%

20.64%

Source: CreditCards.com

Updated: 3-16-2011




Although the national average held steady, one issuer did tweak its rates. Discover implemented a higher APR on the top end of the range for its Miles by Discover card this week, bumping it up from 15.99 percent to 16.99 percent.  

"We do not comment on our rate marketing practices for competitive reasons," Discover spokesman Matthew Towson said.

CreditCards.com adjusted the card's APR in its database.  However, since only the low ends of APR ranges are used to calculate the national average, it remained static.

The average had fallen in the previous two weeks for the first time since mid-November.

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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