Wednesday, August 24, 2016
Austin, Texas — The average APR on new credit card offers remained unchanged 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 second consecutive week, the national average annual percentage rate (APR) remained at 15.19 percent.
Most cards included in the CreditCards.com database left interest rates alone this week. The regional bank BB&T lowered the minimum available rate on the BB&T Spectrum Rewards card, but the change was too small to affect the national average.
Applicants are now offered a minimum rate of 10.40 percent — down from a previous low of 10.90 percent. BB&T also lowered the card's maximum rate by more than 4 percentage points, reducing the card's maximum APR from 23.99 percent to 19.40 percent. The change didn't affect the national average, though, because CreditCards.com only considers a card's lowest available interest rate.
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.