Rate Report

Rate survey: Credit card APRs unchanged, remain at record highs


Interest rates on new credit card offers remained at record highs this week, according to the Weekly Credit Card Rate Report

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The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Please see the bank’s website for the most current version of card offers; and please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.’s Weekly Rate Report
Avg. APRLast week 6 months ago
National average14.97%14.97%14.65%
Low interest10.73%10.73%11.18%
Balance transfer12.77%12.77%12.78%
Cash back14.34%14.34%13.41%
Instant approval15.99%15.99%15.99%
Bad credit24.96%24.96%23.95%
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.)
Updated: Oct. 5, 2011

Interest rates on new credit card offers remained at record highs this week, according to the Weekly Credit Card Rate Report.

For the second straight week, the average annual percentage rate (APR) for new credit cards stayed at 14.97 percent — the highest mark seen since began tracking rates in 2007. In fact, record highs have either been set or equaled each week since the end of August.

This week’s only APR change was from Cabela’s. The sporting goods retailer changed the top end of the APR range offered for the Cabela’s Club Visa from 18.21 percent to 18.23 percent. The low end of the range, 9.99 percent, stayed unchanged. However, we only use the low end of ranges in our calculations, so the move did not affect the national average.   

Cabela’s chief financial officer Kevin Werts attributed the move to a change in the London Interbank Offered Rate (Libor), the British equivalent of the U.S. federal funds rate.

While most U.S. variable rate credit cards are tied to the U.S. prime rate — which moves based on changes to the Federal Reserve’s federal funds rate — the Cabela’s card is tied to Libor. When Libor moves up or down, the APRs of all credit cards that are tied to it move in the same direction by the same amount.

A widening gap
Though we use the lowest end of credit card APR ranges to calculate the national APR average, we have also seen significant changes at the higher ends of APR ranges. Banks will often raise the top end of an APR range and leave the bottom tier alone, as Cabela’s did with its card. That has resulted in, data shows, a widening gap between the high and low end of APR ranges.

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  • Using a card’s lowest available rate in our calculations, the average APR for the 100 cards we track is 14.97 percent, as mentioned previously.
  • Using a card’s highest available rate in our calculations, the average APR for the 100 cards we track shoots to 20.22 percent. That’s a jump of more than a quarter-point since late July.
  • That means that there’s, on average, a 5.25 percent difference between the high and low end of a card’s APR range. That gap was 5.03 percent just six weeks ago.

These differences have a real impact. For example, a typical cardholder who borrowed $5,000 on a credit card today and consistently paid $150 per month at 20.22 percent would have to pay $7,404 to pay off the debt. That’s $900 more than would be required if your rate stood at 14.97 percent. (Calculator: How long will it take to pay off your credit card balance?)

Not surprisingly, the cards with the highest APRs are typically offered to those with subprime credit, who creditors often view as a greater risk. For example, subprime lender First Premier’s Gold MasterCard carries an APR of 49.90 percent.

Rewards cards and student credit cards can also carry a wide APR gap. Of the credit cards we track, the one with the biggest gap between its APR’s high and low ends is the USAA World MasterCard — 8.90 percent to 25.90 percent.

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

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Credit Card Rate Report Updated: October 9th, 2019
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