Wednesday, August 17, 2016
Austin, Texas — The average APR on new credit card offers ticked up 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
After remaining at 15.18 percent for nine consecutive weeks, the national average annual percentage rate (APR) rose to 15.19 percent.
American Express sparked this week's rate increase by hiking the APR on two of its airline cards. It bumped the lowest available interest rates on the Gold Delta SkyMiles card and the Platinum Delta SkyMiles card from 15.49 percent to 15.99 percent, causing the national average to increase.
It also expanded the cards' maximum rates by over 5 percentage points, widening the APR spread to 8 points. CreditCards.com only considers a card's lowest available interest rate when calculating average rates, though, so the change didn't affect the national average. Delta Airlines fans are now offered a maximum APR of 24.99 percent.
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.