AUSTIN, Texas, April 13, 2011 /PRNewswire/ -- Interest rates on credit card offers remained unchanged for a record fifth straight week, according to the CreditCards.com Weekly Credit Card Rate Report, and experts say that's good news for consumers.
(Logo: 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.
Rates for card categories tracked by CreditCards.com are listed below:
Credit Card Averages
Avg. APR Last week 6 months ago National Average 14.65% 14.65% 14.35% Low Interest 11.18% 11.18% 11.93% Balance Transfer 12.78% 12.78% 12.83% Business 12.91% 12.91% 13.05% Cash Back 13.41% 13.41% 12.70% Student 13.42% 13.42% 14.49% Reward 14.32% 14.32% 14.41% Airline 14.33% 14.33% 14.45% Instant Approval 15.99% 15.99% 16.49% Bad Credit 23.95% 23.95% 21.04% Source: CreditCards.com Updated: 4-13-2011
The national average APR on introductory credit card offers stalled at 14.65 percent again this week. Before this stretch, rates had never gone unchanged for more than two straight weeks since tracking began in 2007.
A combination of increased regulatory certainty, a resurgent economy and an improving job market may account for the APR stability, according to experts, who add that this is good news for consumers considering a new card.
"If the cost of money increases or risks increase, I'm sure APRs and fees will increase, so it may be a good time to get a card," said Michael Sullivan, director of education at Take Charge America, a Phoenix-based nonprofit consumer credit counseling company.
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.
PRN Photo Desk, photodesk@prnewswire.com
CreditCards.com
CONTACT: Ben Woolsey, Director of Marketing of CreditCards.com,
+1-512-996-8663 x106, benw@creditcards.com
Web site: http://www.creditcards.com/
