Wednesday, Feb. 24, 2016
Austin, Texas — The average credit card interest rate stayed at 15.16 percent Wednesday for the third consecutive 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%||22.73%|| Source: CreditCards.com
None of the issuers included in the rate report tweaked interest rates. Issuers left promotional APRs unchanged as well.
This is the first week since November 2015 that all 100 cards tracked by CreditCards.com advertised the same rates and promotional offers. Since early December, more card issuers than usual have tinkered with terms.
Most issuers increased rates by 0.25 percent after the Federal Reserve announced in mid-December it was increasing the federal benchmark interest rate by the same amount. Some issuers also implemented more dramatic changes. For example, Pentagon Federal Credit Union increased the Promise card's APR by more than 2 percentage points. Meanwhile, Credit One cut the Platinum card's APR by nearly 3 percentage points.
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.