Wednesday, August 10, 2016
Austin, Texas — The average APR on new credit card offers remained locked in place 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%||22.56%|| Source: CreditCards.com
For the ninth consecutive week, the national average APR held firm at 15.18 percent.
None of the cards tracked by CreditCards.com advertised new interest rates. Promotional terms, including interest-free balance transfer offers, also remained unchanged.
The national average APR has remained relatively stable all year. It hasn't fallen below 15.10 percent once since January 1, nor has it risen above 15.19 percent.
After the Federal Reserve increased its benchmark interest rate by 0.25 percent in December 2015, interest rates gradually increased as issuers adjusted their offers. The national average APR stabilized in February 2016 and hasn't fallen below 15.16 percent since. As a result, the average APR for the year is currently 15.17 percent — a record high.
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.