Wednesday, July 13, 2016
Austin, Texas — The average APR on new card offers remained unchanged at 15.18 percent 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||22.56%||22.56%||22.84%|| Source: CreditCards.com
Most issuers tracked by CreditCards.com left card rates unchanged.
Chase introduced a range of possible APRs on one of its hotel cards, the IHG Rewards Club Select credit card. Fans of the hotel chain IHG are now offered a range starting at 16.24 percent and maxing out at 23.24 percent. Previously, cardholders were offered just one possible APR of 16.24 percent.
Barclaycard is also testing a wider range of possible APRs. For example, some applicants who search for the Wyndham Rewards card are offered a range starting at 15.49 percent and maxing out at 20.24 percent. Others are offered a maximum APR of 25.24 percent. Issuers often float test offers to select cardholders when experimenting with new rates.
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.