February 3, 2016
Austin, Texas — Average rates on new credit card offers rose to a four-year high 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||22.88%||22.88%||22.73%|| Source: CreditCards.com
The national average annual percentage rate jumped to 15.18 percent Wednesday after several cards increased rates on new card offers.
Eleven cards in the CreditCards.com database posted higher interest rates. Ten of those posting higher APRs this week were bumped by a quarter of a percent, matching the Federal Reserve's December 2015 federal funds rate increase.
As a result, 91 out of 100 cards in the CreditCards.com database have now increased rates by 0.25 percent.
Meanwhile, Pentagon Federal Credit Union significantly increased rates on at least one card this week. The minimum APR on the PenFed Promise Visa rose from 7.99 percent to 10.24 percent, while the card's maximum rate increased from 16.99 percent to 17.99 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.