CreditCards.com: Weekly Credit Card Rate Report

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Thu Oct 15, 2009 5:09pm EDT 

AUSTIN, Texas, Oct. 15 /PRNewswire/ -- The national average annual percentage
rate on new credit card offers inched down to 12.60 percent this week,
according to the CreditCards.com Weekly Credit Card Rate Report, as banks
paused after a recent series of APR increases.


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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. Introductory
(teaser) rates are not included in the calculation. Among the average APRs in
nine card categories, one fell and eight 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                 12.60%     12.64%       12.35%
    Business                         9.69%      9.80%        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.com
    Updated: 10-15-09



APRs were unchanged this week following recent pledges from Bank of America,
Discover and Capital One to not raise interest rates ahead of the Credit CARD
Act, which will make it tougher for banks to hike interest rates on their
customers. However, BofA said it plans to begin charging annual fees on some
of its cards beginning next year. 


The decline in APRs this week stemmed from the addition of credit cards to the
CreditCards.com Rate Report database. 


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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