Rate Report

Rate survey: Average card rate remains at 15.16 percent


Feb. 17, 2016: The national average annual percentage rate remained near a record high Wednesday, according to the Weekly Credit Card Rate Report.

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The national average credit card APR remained near a record high Wednesday after falling the previous week for the first time in about a month, according to the Weekly Credit Card Rate Report.

None of the issuers tracked by raised minimum rates this week. As a result, the national average annual percentage rate remained unchanged at 15.16 percent.

Chase added a maximum APR of 23.24 percent to the Marriott Rewards Premier credit card. However, the change didn’t affect the national average as Chase left the minimum rate of 16.24 percent alone. considers only a card’s lowest available interest rate when calculating average rates.

Interest rates are currently near record highs. The last time average rates rose above 15.16 percent was in December 2011 when the national average briefly peaked at 15.22 percent.

Card debt grows as credit limits expand
Credit card issuers are continuing to offer bigger credit limits, and cardholders are responding by charging more to their cards.

According to research from the Federal Reserve Bank of New York, cardholders added roughly $19 billion of new debt to their credit cards last quarter. As a result, the total amount of credit card debt households owe expanded to $733 billion in the final quarter of the year — up from $700 billion in 2014.

Meanwhile, credit card limits expanded slightly in the fourth quarter, increasing by roughly 1 percent. It was the 12th quarter in a row that aggregate credit card limits increased — a sign that card issuers are gradually expanding consumers’ access to new credit. The last time aggregate credit card credit limits fell was in 2013.

Despite charging more debt overall, consumers are still keeping up with their payments. Late payments by 90 days or more fell to 7.7 percent in the fourth quarter, according to the New York Federal Reserve — down from 8.2 percent in the previous quarter.

A separate report released Feb. 16 by the credit rating agencies S&P and Experian found that late payments on bank-issued credit cards rose in January for the second month in a row; but despite the two consecutive increases, missed payments are still exceptionally rare compared to previous years when missed payments were much more common.

“Bank card defaults rose from November to December and again to January. However, the series established a new low in November and remains quite low compared to its recent history,” said S&P’s David Blitzer in a news release.’s Weekly Rate Report
Avg. APR Last week 6 months ago
National average15.16%15.16%15.00%
Low interest11.96%11.96%11.62%
Cash back15.20%15.20%15.27%
Balance transfer14.35%14.35%14.12%
Instant approval18.02%18.02%18.00%
Bad credit22.56%22.56%22.73%
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: Feb. 17, 2016

See related:Card balances up for 10th straight month, Survey: 5 in 6 Americans admit to impulse buys

What’s up next?

In Rate Report

Rate survey: Average card rate slips to 15.16 percent

Feb. 10, 2016: Average rates on new card offers dipped Wednesday after rising the previous week to a four-year high, according to the Weekly Credit Card Rate Report

Published: February 10, 2016

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Credit Card Rate Report Updated: September 18th, 2019
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