Credit Card Rates Latest Update

Credit Card Rates Latest Update-Image by Getty Images via @daylife

Interest rates on new credit card offers stayed at record highs this week, according to the CreditCards.com Weekly Credit Card Rate Report.

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.

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% 14.91% 14.71%
Low Interest 10.73% 10.73% 11.98%
Balance Transfer 12.78% 12.78% 12.88%
Business 13.07% 13.07% 12.91%
Student 13.77% 13.77% 13.31%
Cash Back 14.16% 14.16% 12.48%
Airline 14.31% 14.31% 14.24%
Reward 14.51% 14.51% 14.35%
Instant Approval 15.99% 15.99% 15.99%
Bad Credit 24.96% 24.96% 24.95%
Source: CreditCards.com
Updated: 7-13-2011

We found no APR changes for any of the credit card offers we track, so the average annual percentage rate (APR) on new credit card offers remained at 14.91 percent for the second straight week. That’s the highest level since CreditCards.com began tracking APRs in 2007.

Though APRs were steady this week, they’ve risen sharply since April, thanks in part to rising reward card APRs. Since April, the average APR on a rewards card offer has jumped from 14.32 percent to 14.51 percent. According to CreditCards.com data, that’s nothing new. For the past three years, rewards card APRs have consistently surged in April and May, heading into summer vacation.  For example, it was 14.29 percent in April 2010 before climbing to 14.75 percent by June 2010.

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

CreditCards.com is the leading online credit card marketplace connecting consumers with multiple credit card issuers, including a majority 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.

http://www.creditcards.com

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