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SMALL BUSINESS
CreditCards.com: Weekly Credit Card Rate Report
PR Newswire
AUSTIN, Texas, Oct. 22 /PRNewswire/ -- Annual percentage rates on new credit card offers stayed flat for the second straight week after a run of recent rate hikes, according to the CreditCards.com Weekly Credit Card Rate Report.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090210/CCLOGO)
The national average credit card APR 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. This week, it rose slightly to 12.61 percent due to some reconfiguration of card offers in the database. Introductory (teaser) rates are not included in the calculation. Among the average APRs in nine card categories, one increased, one decreased and seven were 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 12.61% 12.60% 12.42%
Business 9.69% 9.69% 16.74%
Low Interest 11.91% 11.92% 12.39%
Cash Back 12.36% 12.36% 13.90%
Reward 12.76% 12.76% 12.37%
Instant Approval 13.32% 13.32% 11.49%
Balance Transfer 13.46% 13.10% 10.99%
Airline 13.60% 13.60% 14.44%
Bad Credit 14.29% 14.29% 11.79%
Student 14.45% 14.45% 14.90%
Source: CreditCards.com
Updated: 10-22-09
Bank of America, Discover and Capital One pledged to not raise interest rates ahead of the Credit CARD Act. That law will make it tougher for banks to make such moves.
That doesn't mean issuers are being generous. Capital One, Citi and U.S. Bank this week eliminated introductory APRs on several cards. Meanwhile, the Federal Reserve said loan demand remained "weak or declining" in many areas.
The CreditCards.com credit card rate survey is conducted weekly, using offer data from the leading U.S. card issuers as found on their 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
2009-10-22 17:13:00
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