Rate Report

Rate survey: Average card APR remains unchanged at 15.18 percent

Interest rates on new credit card offers held still this week, according to the Weekly Credit Card Rate Report.

None of the cards tracked by advertised new rates. As a result, the national average annual percentage rate (APR) held steady at 15.18 percent. Card issuers also left promotional terms, such as 0-percent balance transfer rates, unchanged.

This is the 17th week this year that interest rates have remained unchanged. After increasing rates at the beginning of 2016, card issuers have mostly left card offers alone.

Average rates are currently near record highs, thanks in part to the Federal Reserve’s December 2015 rate increase. When the Federal Reserve raised its benchmark rate by a quarter of a percent, most card issuers increased rates by the same amount. Since then, the national average APR has remained above 15.10 percent.

Costco switches to Visa
After severing its partnership with American Express last year, the warehouse giant Costco began accepting only Visa credit cards in its stores on June 20. Previously, customers were only allowed to use a co-branded American Express credit card if they wanted to use credit. Otherwise, they had to use cash or debit. 

Now, Costco members may use any type of Visa card, including Citi’s new Costco Anywhere Visa, at the wholesale store. 

American Express TrueEarnings cardholders should have already received the Citi-issued replacement card. Meanwhile, new customers can now apply for the Costco Anywhere card online, in stores or over the phone.

Banks are eager to inform their customers of the switch. Bank of America, for example, sent out an email to cardholders on June 22 saying they may now use their Bank of America Visa cards at Costco or at any other major wholesale club, such as Sam’s Club or BJ’s. It also announced that cash-back customers are now eligible for up to 2 percent cash back when they use their cards at wholesale clubs.

Meanwhile, Chase is capitalizing on Costco’s new card policy by extending the amount of time Chase Freedom Visa cardholders can earn 5 percent cash back at wholesale clubs. Previously, the card’s 5 percent promotion on wholesale club purchases was scheduled to expire June 30.  Multiple news outlets have reported that the Chase Freedom card promotion is now scheduled to last until the end of the year; however, the Chase Freedom card’s customer site only promises that the promotion will continue through September.

For more information about Costco’s switch to Visa, visit’s answers to frequently asked reader questions.’s Weekly Rate Report
 Avg. APRLast week 6 months ago
National average15.18%15.18%14.99%
Low interest11.98%11.98%11.67%
Cash back15.32%15.32%15.27%
Balance transfer14.38%14.38%14.08%
Reward 15.29%15.29%15.12%
Instant approval18.04%18.04%18.00%
Bad credit22.56%22.56%22.75%
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: June 22, 2016

See related:Details emerge on new Citi Costco card switch, Maximum fee rises to $38 for repeat late fees

What’s up next?

In Rate Report

Rate survey: Average card APR inches up to 15.18 percent

June15, 2016: The average credit card interest rate ticked up this week, according to the Weekly Credit Card Rate Report.

Published: June 15, 2016

See more stories
Credit Card Rate Report Updated: September 18th, 2019
Cash Back

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 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.