August 19, 2015
Austin, Texas — Average credit card interest rates remained cemented in place 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
None of the cards included in the weekly rate report advertised new interest rates. As a result, the national average annual percentage rate stayed at 15 percent for the ninth consecutive week. Promotional rates, such as interest-free balance transfer offers, also remained unchanged.
Changes to card offers are rare these days, thanks in part to a 6-year-old law that limits issuers' ability to re-price accounts once a card has already been issued. The Credit CARD Act of 2009 requires issuers to give cardholders at least 45 days' advance notice before changing the interest rate on an existing account. Issuers have responded to the requirements by offering higher rates upfront and by trimming advertised rates less often.
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.