AUSTIN, Texas, Nov. 2, 2011 /PRNewswire/ -- Interest rates on new credit card offers inched lower for the second time in three weeks, 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 | 14.98% | 14.99% | 14.67% | |
Low Interest | 10.73% | 10.73% | 11.18% | |
Balance Transfer | 12.77% | 12.77% | 12.78% | |
Business | 13.13% | 13.13% | 12.91% | |
Student | 13.77% | 13.77% | 13.71% | |
Airline | 14.44% | 14.44% | 14.33% | |
Cash Back | 14.65% | 14.70% | 13.69% | |
Reward | 14.69% | 14.70% | 14.39% | |
Instant Approval | 15.99% | 15.99% | 15.99% | |
Bad Credit | 24.96% | 24.96% | 23.95% | |
Source: CreditCards.com | ||||
Updated: 11-2-2011 | ||||
The average annual percentage rate (APR) dropped to 14.98 percent this week.
The First National Bank of Omaha spurred the change when it dropped the low end of the APR range offered for its First National Bank of Omaha Graphite American Express card. The card had featured a rate range of 14.99 percent to 19.99 percent, but it was lowered to 13.99 percent to 19.99 percent.
First National Bank of Omaha had not offered comment before this release was published.
The national APR average is slowly beginning to drop after going more than two months -- from early August through mid-October -- without a single week-to-week decline. The national APR average reached its record high during that period, hitting 15 percent in mid-October.
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
