February 10, 2016
Austin, Texas — Average rates on new card offers dipped Wednesday after rising the previous week to a four-year high, 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%||22.88%||22.73%|| Source: CreditCards.com
The national average annual percentage rate fell to 15.16 percent after subprime lender Credit One cut minimum interest rates so low they rivaled the rates offered to consumers with above average credit scores.
Consumers who apply for a Credit One Visa Platinum card are now offered a range of APRs starting at 15.65 percent and topping out at 24.15 percent. Previously, the lowest available rate cardholders with imperfect credit could get was 18.15 percent. Credit One also slashed the Platinum card's minimum annual fee from $35 to $0 while leaving the card's $100 maximum fee alone.
The rate cut on the Credit One card caused the average APR for subprime cards to fall to 22.56 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.