Wednesday, June 15, 2016

CreditCards.com Weekly Credit Card Rate Report: Average card APR rises to 15.18 percent

Austin, Texas — The average credit card interest rate ticked up 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
National Average 15.18% 15.17% 14.98%
Low Interest 11.98% 11.96% 11.66%
Balance Transfer 14.38% 14.37% 14.08%
Business 13.12% 13.12% 12.85%
Student 13.42% 13.42% 13.14%
Cash Back 15.32% 15.30% 15.26%
Airline 15.08% 15.08% 14.91%
Reward 15.29% 15.28% 15.11%
Instant Approval 18.04% 18.04% 18.00%
Bad Credit 22.56% 22.56% 22.73%
Source: CreditCards.com
Updated: 6-15-16

The national average annual percentage rate (APR) rose to 15.18 percent Wednesday after falling the previous week for the first time in nearly four months.

Wells Fargo spurred this week's rate change by replacing its standard cash back card with the new Wells Fargo Cash Wise credit card. The Cash Wise card contains a slightly higher minimum APR than the Wells Fargo Cash Back credit card and a somewhat lower maximum. Consumers applying for a Wells Fargo cash back card are now offered an APR range starting at 13.24 percent and maxing out at 25.24 percent.

The retooled cash back card also offers more cash back than its predecessor. The new Cash Wise card now offers unlimited 1.5 percent cash back on every purchase.

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.

About CreditCards.com
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:

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Matt Schulz
Senior Industry Analyst
matt.schulz@creditcards.com
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.

Source: CreditCards.com