Wednesday, April 27, 2016
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|
|Bad Credit||22.56%||22.56%||22.73%|| Source: CreditCards.com
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.
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:
Senior Industry Analyst
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.