CreditCards.com: Weekly Credit Card Rate Report
Credit card interest rates continued to show stability across all popular card categories this week as the summer draws to an end, despite recent economic turbulence and prime rate cut speculation.
Potential prime rate changes are noteworthy to those cardholders that revolve balances each month because a majority of credit card issuers base their variable credit card APRs on an index tied to the prime rate. According the central bank, 54% of card issuers utilize the prime rate as their lending benchmark.
Rates for card categories tracked by CreditCards.com are listed below:
Credit Card Rate Averages Low Interest 11.41% Balance Transfer 11.41% Bad Credit 12.81% Cash Back 13.13% Reward 13.66% Business 13.95% Instant Approval 14.18% Airline 15.08% Student 17.88%
About CreditCards.com
CreditCards.com is a leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, www.creditcards.com, consumers can compare more than 150 credit card offers from the nation's leading issuers and banks, and apply securely online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards; offering advice, news, features, statistics and tools - all designed to help consumers make smart choices about credit cards. In 2006, over 12 million unique visitors used CreditCards.com to search for their next credit card.
Source: CreditCards.com