Wednesday, April 27, 2016

CreditCards.com Weekly Credit Card Rate Report: Average card APR rises to 15.19 percent

Austin, Texas — Average rates on new card offers remained near record highs this week, according to the CreditCards.com Weekly Credit Card Rate Report.

The average 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. Introductory (teaser) rates are not included in the calculation.

Rates for card categories tracked by CreditCards.com are listed below:

Credit Card Rate Averages
  Avg. APR Last Week 6 Months ago
National Average 15.19% 15.16% 15.01%
Low Interest 11.96% 11.96% 11.62%
Balance Transfer 14.39% 14.39% 14.12%
Business 13.12% 13.12% 12.85%
Student 13.42% 13.42% 13.14%
Cash Back 15.30% 15.30% 15.27%
Airline 15.17% 15.17% 15.14%
Reward 15.30% 15.30% 15.15%
Instant Approval 18.04% 18.04% 18.00%
Bad Credit 22.56% 22.56% 22.73%
Source: CreditCards.com
Updated: 4-27-16

None of the cards tracked by CreditCards.com advertised new interest rates. As a result, the national average annual percentage rate (APR) remained at 15.19 percent.

Average rates on new card offers are currently at their highest point in more than four years. Since 2012, the average card APR has mostly hovered between 14.9 and 15.09 percent. This is the first year since CreditCards.com began tracking rates in mid-2007 that the national average has stayed above 15.10 for more than four weeks.

Average rates on new card offers rose above 15.10 the first week of January after the Federal Reserve increased its benchmark interest rate by a quarter of a percent and numerous card issuers increased their rates by the same amount.

The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) is conducted weekly, using offer data from leading U.S. card issuers' websites. Introductory offer periods and regular interest rates will vary with applicants' credit quality and issuer risk-based pricing policies.

About CreditCards.com
CreditCards.com is the leading online credit card marketplace connecting consumers with multiple credit card issuers, including a majority of the 10 largest in the United States, based on credit card transaction volume. CreditCards.com, https://www.creditcards.com, enables consumers to search for, compare and apply for credit cards and offers credit card issuers an online channel to acquire qualified applicants.

For more information, contact:

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Matt Schulz
Senior Industry Analyst
matt.schulz@creditcards.com
512-996-8663, ext. 103

NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.

Source: CreditCards.com