BACK

Research and Statistics

Credit card interest rates sit tight at 14.92 percent

Summary

May 6, 2015: Interest rates on new card offers remain locked in place this week, according to the CreditCards.com Weekly Credit Card Rate Report.

The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Learn more about our advertising policy.

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.

Interest rates on new card offers remain locked in place this week, according to the CreditCards.com Weekly Credit Card Rate Report.

This is the third consecutive week the national average annual percentage rate (APR) has come in at 14.92 percent. Card issuers also made no changes to promotional terms, including 0 percent APRs and balance transfer offers.

Average rates on new card offers are relatively low these days compared to the past three years, thanks to a string of rate changes that occurred in late 2014 and the first quarter of 2015. After remaining at or above 15 percent for more than a year, the national average APR began declining intermittently in November before hitting a nearly three-year low of 14.87 percent earlier this year. Rates have inched up somewhat since, but are still significantly lower than they were for most of 2014.

Issuers step up EMV adoption as merchant deadline looms
More U.S. cardholders are carrying EMV chip-enabled credit cards as part of a nationwide initiative to transition U.S. cardholders to the more secure technology. But according to a report released May 4, issuers still have several years to go before they finish rolling out the higher tech cards.

According to the Payments Security Task Force, eight of the nation’s biggest card issuers say that at least 63 percent of all their credit and debit cards should be outfitted with an EMV chip by the end of 2015. However, they also say that it will likely take them until at least 2017 before nearly all their cards — approximately 98 percent — come with an EMV chip.

A separate report released May 6 by the payment company EMVco, revealed that more than 100 million chip-enabled cards are currently in circulation in the United States, but just 0.12 percent of all transactions in 2014 actually used a chip for payment.

EMV technology is widely used around the world in order to help combat fraud. The technology helps protect cardholders’ payment information by using a different transaction code for each purchase.

In October 2015, a new rule will take effect that shifts liability for fraudulent purchases from issuers to merchants if the affected card contains a chip, but the merchant doesn’t use it to process the transaction. However, according to the Payment Security Task Force, it could be a while before cardholders can use their EMV chips anywhere they go.

So far, a number of issuers have gradually rolled out chip-enabled credit cards by replacing lost, stolen or expired cards with chip-enabled cards and by adding chips to new card accounts. However, merchants have been much slower to swap out their payment systems with terminals that accept chip-enabled cards. According to the Payments Security Task Force, fewer than half of all merchants in the U.S. are expected to meet the deadline and accept chip-enabled cards by the end of 2015.

CreditCards.com’s Weekly Rate Report
Avg. APRLast week 6 months ago
National average14.92%14.92%15.09%
Low interest11.62%11.62%10.37%
Cash back15.26%15.26%14.98%
Balance transfer14.04%14.04%12.82%
Business12.85%12.85%12.85%
Student13.14%13.14%13.14%
Airline15.10%15.10%15.46%
Reward15.04%15.04%15.07%
Instant approval17.93%17.93%28.00%
Bad credit22.73%22.73%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.)
Source: CreditCards.com
Updated: May 06, 2015

See related:With economy slacking, Fed leaves interest rates along for now, Poll: Rewards cards take larger share of market

What’s up next?

In Research and Statistics

What ID thieves do with the financial data they steal

High-tech hackers get all the headlines, but an analysis of identity theft claims data by Travelers show the most common way stolen data gets used is a low-tech one: Thieves snatch a card, then go out and use it

Published: May 6, 2015

See more stories
Credit Card Rate Report Updated: September 18th, 2019
Business
15.45%
Airline
17.38%
Cash Back
17.52%
Reward
17.39%
Student
17.58%

Questions or comments?

Contact us

Editorial corrections policies

Learn more

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.

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.