CreditCards.com: Weekly Credit Card Rate Report

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Thu Oct 8, 2009 5:10pm EDT 

AUSTIN, Texas, Oct. 8 /PRNewswire/ -- The national average annual percentage
rate on new credit card offers rose for the third straight week to 12.64
percent, according to the CreditCards.com Weekly Credit Card Rate Report,
driven by several banks' APR increases.


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The national average credit card APR is comprised of 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, two advanced, two fell and five 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          12.64%           12.62%           12.35%
    Business                   9.80%            9.69%           16.74%
    Low Interest              11.92%           12.10%           12.05%
    Cash Back                 12.36%           12.36%           13.90%
    Reward                    12.76%           12.61%           12.19%
    Balance Transfer          13.10%           13.10%           10.80%
    Instant Approval          13.32%           13.32%           11.49%
    Airline                   13.60%           13.97%           14.44%
    Bad Credit                14.29%           14.29%           11.79%
    Student                   14.45%           14.45%           14.90%

    Source: CreditCards.comUpdated: 10-08-09





American Express, Chase and Citi were among those banks raising rates. On
Monday, Bank of America said it will not hike interest rates between now and
February 2010, when sweeping new card regulations take effect. However, other
banks said they're not planning to follow BofA's lead, amid rising
unemployment levels that threaten their profits. 


Joblessness and tightening credit are hitting consumers hard, too. On
Wednesday, Federal Reserve data showed credit card balances plunged by nearly
$10 billion in August. 


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

Ben Woolsey, Director of Marketing of CreditCards.com, +1-512-996-8663, ext.
106, benw@creditcards.com
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