ADVERTISEMENT

Rate survey: Credit card APRs remain in holding pattern

By Kate Tomasino

CreditCards.com's Weekly Rate Report
  Avg. APR Last week 6 months ago
National average 14.99% 14.99%
14.83%
Low interest 10.73%
10.73% 10.73%
Balance transfer 12.77%
12.77%
12.76%
Business 13.13%
13.13%
13.07%
Student
13.77%
13.77%
13.77%
Airline  14.44%
14.44%
14.24%
Cash back  14.70%
14.70%
13.87%
Reward 14.70%
14.70%
14.40%
Instant approval 15.99%
15.99%
15.99%
Bad credit 24.96%
24.96%
24.96%
Methodology: The national average credit card APR is comprised 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 listed above. (Introductory, or teaser, rates are not included in the calculation.)
Source: CreditCards.com
Updated: Nov. 30, 2011

Banks' long holiday from raising rates on credit card offers continued this week, according to CreditCards.com's Weekly Rate Report.

The average annual percentage rate (APR) stood at 14.99 percent for the fourth straight week. It has held at 14.99 for six of the past seven weeks, decreasing once in early November -- to 14.98 percent -- before moving back up the next week. The last time rates showed comparable stability was late July, when rates stayed at 14.88 percent for four consecutive weeks.

That lack of movement is especially good news during the holiday season. As consumers seek out new plastic to help finance this year's gift buying, any break from the record rates seen earlier this year is welcome.

Though rates may be stabilizing after a streak of record highs last summer, the national APR average is still only 0.01 percent below its all-time peak of 15 percent, set in October.

Rates are also up from this time last year. On Dec. 1, 2010, the national average APR on new card offers stood at 14.74 percent. This year, it's 14.99 percent. And while that may not seem like much, every increase means real money to consumers. For example, a typical cardholder who borrowed $5,000 on a credit card today and paid $150 monthly at today's average APR would have to spend $35 more to pay off the balance than would have been required a year ago.

The national APR average isn't the only category near record highs, though. The national rewards card average is also only 0.01 percent shy of its highest levels since we began tracking rates in 2007.

See related: Calculator: How long will it take to pay off your credit card balance?

Published: November 30, 2011


Join the discussion
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.




Follow Us


Updated: 09-26-2016


Weekly newsletter
Get the latest news, advice, articles and tips delivered to your inbox. It's FREE.


ADVERTISEMENT