December 23, 2015
Austin, Texas — Interest rates on new card offers rose to a one-year high this week after the Federal Reserve increased rates for the first time since 2006, 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|
Multiple issuers responded to the Federal Reserve’s 0.25 percent rate increase by hiking APRs on new card offers by the same amount. As a result, the national average annual percentage rate rose to 15.05 percent. When the Federal Reserve raises interest rates, issuers can pass along those rate increases without giving cardholders prior notice.
Among the 100 cards CreditCards.com tracks, 25 advertised slightly higher rates this week. American Express, Wells Fargo, U.S. Bank, Huntington Bank, Key Bank and Comerica were among the issuers that increased rates by 0.25 percent. Capital One also increased interest rates last week, just a few days before the Federal Reserve’s announcement.
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.