AUSTIN, Texas, July 27, 2011 /PRNewswire/ -- Interest rates on new credit card offers fell for the second straight week, according to the CreditCards.com Weekly Credit Card Rate Report.
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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 card categories we track, one fell and eight 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 | 14.88% | 14.89% | 14.72% | |
Low Interest | 10.73% | 10.73% | 11.98% | |
Balance Transfer | 12.73% | 12.73% | 12.90% | |
Business | 12.91% | 12.91% | 12.91% | |
Student | 13.77% | 13.77% | 13.42% | |
Cash Back | 14.16% | 14.16% | 12.48% | |
Airline | 14.31% | 14.31% | 14.30% | |
Reward | 14.50% | 14.51% | 14.36% | |
Instant Approval | 15.99% | 15.99% | 15.99% | |
Bad Credit | 24.96% | 24.96% | 24.95% | |
Source: CreditCards.com | ||||
Updated: 7-27-2011 | ||||
The average annual percentage rate (APR) on new credit card offers fell to 14.88 percent. It's the third drop in the past five weeks and the first time the average has fallen in consecutive weeks since February.
This week's dip was prompted by Citi lowering the APR on one of its rewards cards. Citi's Diamond Preferred MasterCard previously offered an APR range of 12.99 percent to 20.99 percent. It is now offered with a range of 11.99 percent to 20.99 percent. Since only the low ends of ranges are used in our calculations, Citi's move sent the national average lower.
Citi had not provided comment before this report was published.
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.
SOURCE CreditCards.com
