AUSTIN, Texas, Oct. 26, 2011 /PRNewswire/ -- Interest rates on new credit card offers remained unchanged this 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.
Rates for card categories tracked by CreditCards.com are listed below:
Credit Card Averages
Avg. APR | Last week | 6 months ago | ||||||
National Average | 14.99% | 14.99% | 14.69% | |||||
Low Interest | 10.73% | 10.73% | 11.18% | |||||
Balance Transfer | 12.77% | 12.77% | 12.81% | |||||
Business | 13.13% | 13.13% | 12.91% | |||||
Student | 13.77% | 13.77% | 13.71% | |||||
Airline | 14.44% | 14.44% | 14.33% | |||||
Reward | 14.70% | 14.70% | 14.42% | |||||
Cash Back | 14.70% | 14.70% | 13.73% | |||||
Instant Approval | 15.99% | 15.99% | 15.99% | |||||
Bad Credit | 24.96% | 24.96% | 23.95% | |||||
Source: CreditCards.com | ||||||||
Updated: 10-26-2011 | ||||||||
We found no changes in our database this week, leaving the average annual percentage rate (APR) just shy of its record high for a second straight week. The current record is 15 percent -- where it stood just two weeks ago.
Despite this week's pause, records have been broken at an unprecedented rate recently. The national average APR broke or equaled a record high for seven straight weeks from late August through mid-October until it declined two weeks ago.
Still, for the year, APRs are more stable than any time since CreditCards.com began tracking rates in 2007. The difference between the average's 2011 high and low is just more than a third of a percentage point. Most other years, that difference is a full percentage point or more.
The CreditCards.com credit card rate survey (permalink: http://www.creditcards.com/rate-report) 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
