Research and Statistics

Average credit card interest rates rise to 15.07 percent


Oct. 1, 2014: Average rates on new card offers jumped this week to their highest point in nearly three years, according to the 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.

Average rates on new card offers jumped this week to the highest point in nearly three years, according to the Weekly Credit Card Rate Report.

The national average annual percentage rate (APR) rose to 15.07 percent Wednesday after falling to 15.05 percent the previous week. The last time the average rate was this high was in January 2012, when the national average hit 15.14 percent.

This week’s rate increase was spurred by a change to a regional issuer’s card offerings. First National Bank of Omaha is no longer offering the Graphite American Express card. replaced it in its database with another cash-back credit card offered by the same bank, the First National Bank American Express card.

Unlike the Graphite card, the First National Bank American Express card does not carry an annual fee, but it does have a slightly higher minimum APR of 15.99 percent.

Consumer spending rebounds
Consumer spending bounced back strongly in August, according to research from the Commerce Department.

Total consumer expenditures rose by 0.5 percent, according to the department’s latest analysis of income and spending, bolstering economists’ predictions that July’s tepid sales were just a temporary blip.

The Commerce Department previously estimated that consumer spending fell in July for the first time since January, but revised estimates show that consumers were slightly more active that month. Total consumer spending rose by less than 0.1 percent in July after increasing by 0.5 percent in June.

Many Americans also received a raise in August, boosting their overall spending power. Personal income rose by 0.3 percent, according to the Commerce Department, after increasing by just 0.2 percent in July.

Additional research released last month hinted that consumer spending was on the rise. Retail sales rose by 0.6 percent in August after inching up by just 0.3 percent in July, according to the Commerce Department.

Consumer appetite for new cars is especially strong this year, indicating that many are feeling good enough about their personal finances that they’re willing to take on a major purchase. “Purchases of motor vehicles and parts accounted for about half of the August increase,” reported the Commerce Department in its latest release on income and spending.

Consumers also spent considerably more on nondurable goods, such as clothing and personal products, and on services in August after pulling back the previous month.

Increased spending on nondurable goods is good news for retailers gearing up for the holiday season. However, consumers may not be in the mood to spend nearly as much as retailers would like.

Consumer confidence ebbs
According to from The Conference Board, consumer confidence tumbled in September after increasing several months in a row.

Consumers were substantially more pessimistic about the current job market, according to The Conference Board’s Consumer Confidence Survey. Consumers also expressed growing cynicism over the economy. For example, fewer Americans expected business conditions to improve over the next six months. Slightly more predicted that business conditions would get worse.

Meanwhile, a shrinking number of consumers were willing to say jobs are easy to get.’s Weekly Rate Report
Avg. APR Last week 6 months ago
National average15.07%15.05%15.01%
Low interest10.37%10.37%10.33%
Balance transfer12.82%12.73%12.66%
Cash back14.98%14.91%14.84%
Instant approval28.00%28.00%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.
Updated: Oct. 1, 2014

See related:Study reveals rewards cards’ boom in popularity, Fed speeds up interest rate hike timetable

What’s up next?

In Research and Statistics

Study reveals rewards cards’ boom in popularity

Rewards cards now make up a majority of new accounts and spending on cards, practically taking over the market, a bank industry report says.

Published: September 30, 2014

See more stories
Credit Card Rate Report Updated: October 16th, 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.