April 29, 2015
Austin, Texas — Interest rates on new card offers held steady Wednesday, 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||22.73%||22.73%||22.73%|| Source: CreditCards.com
The national average annual percentage rate (APR) remained at 14.92 percent after increasing the previous week to its highest point in four months.
Despite last week's modest rate hike, average rates on new card offers are lower now than they were for most of 2014, thanks to issuers cutting rates on a select group of cards.
In November, Wells Fargo slashed the APR on two rewards cards, causing the national average APR to fall below 15 percent for the first time since 2013. Since then, several other issuers, including Pentagon Federal Credit Union, U.S. Bank and Capital One, have cut rates of certain cards.
Over the past six months, the national average APR has decreased seven times and increased just three times.The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) is conducted weekly, using offer data from the 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.