CreditCards.com: Weekly Credit Card Rate Report

Thursday, July 9, 2009

AUSTIN, Texas, July 9 /PRNewswire/ -- The national average annual percentage
rate on new credit card offers increased again this week, according to the
CreditCards.com Weekly Credit Card Rate Report, as data showed credit cards
are being used -- and issued -- with less frequency.

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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, or
teaser, rates are not included in the calculation.) Among averages in nine
card categories, three rose and six 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 12.02% 12.00% 11.99%
Balance Transfer 10.14% 9.98% 10.28%
Low Interest 10.41% 10.41% 11.13%
Business 11.41% 11.41% 16.41%
Cash Back 11.56% 11.49% 12.91%
Reward 12.10% 12.10% 11.86%
Instant Approval 12.99% 12.99% 11.63%
Airline 13.31% 13.22% 11.97%
Bad Credit 14.29% 14.29% 12.15%
Student 14.45% 14.45% 14.21%

Source: CreditCards.com
Updated: 7-09-09

Banks appear to be raising rates in an effort to make up income lost as card
use falls. On that front, the Federal Reserve's latest consumer credit report
showed revolving debt levels continued to decline in May, as cardholders
appear hesitant to make charges and instead pay down existing balances
whenever possible.

Additionally, credit bureau Equifax said the opening of new credit cards
accounts declined 37 percent during the first three months of 2009 compared
with the year before.

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