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CreditCards.com: Weekly Credit Card Rate Report

AUSTIN, Texas July 6, 2011

http://photos.prnewswire.com/prnh/20090210/CCLOGO

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. Of the nine categories we track, two rose, while the other seven were unchanged.

Rates for card categories tracked by CreditCards.com are listed below:

Credit Card Averages

Avg. APR

Last week

6 months ago

National Average

14.91%

14.75%

14.71%

Low Interest

10.73%

10.73%

11.91%

Balance Transfer

12.78%

12.78%

12.90%

Business

13.07%

13.07%

12.91%

Student                                  

13.77%

13.77%

13.31%

Cash Back

14.16%

13.90%

12.48%

Airline

14.31%

14.31%

14.30%

Reward

14.51%

14.28%

14.35%

Instant Approval

15.99%

15.99%

15.99%

Bad Credit

24.96%

24.96%

24.95%

Source: CreditCards.com

Updated: 7-6-2011

The average annual percentage rate (APR) on new credit card offers rose to 14.91 percent this week — the highest level since CreditCards.com began tracking APRs in 2007. The previous high was 14.85 percent, set in mid-May.  

The move was spurred in part by the Chevron and Texaco Visa card, which saw its APR change to a flat rate of 23.99 percent from a range of 13.49 percent to 20.40 percent. Since only a card’s lowest available APR is used in our calculations, the move caused the national average to spike.

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

the United States http://www.creditcards.com

SOURCE CreditCards.com

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