January 21, 2015
Austin, Texas — Interest rates on new credit card offers remained at 14.89 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||22.73%||22.73%||22.73%|| Source: CreditCards.com
None of the cards tracked by CreditCards.com advertised new interest rates. Issuers left promotional rates alone as well.
Average credit card interest rates are currently at their lowest point in nearly three years. The last time rates were this low was in February 2012 when the national average briefly dipped to 14.87 percent.
This is the first time since August 2011 that the national average APR has remained below 14.9 percent for more than two consecutive weeks.
Over the past three years, credit card interest rates have mostly increased. In 2012, for example, the national average APR for the year was 14.96 percent. In 2013, it rose to 14.98 percent. In 2014, average rates climbed to 15.02 percent.The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) is conducted weekly, using offer data from the 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.