March 4, 2015
Austin, Texas — Average rates on new card offers held steady Wednesday at 14.87 percent, 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||22.48%||22.48%||22.73%|| Source: CreditCards.com
Most issuers left interest rates alone this week. Pentagon Federal Credit Union introduced a range of APRs to the PenFed Platinum Cash Rewards card, making it more likely that cardholders with imperfect credit will be able to qualify for the card. However, the change didn't affect the national average because the card's lowest available rate of 9.99 percent was left unchanged. CreditCards.com considers only a card's minimum rate when calculating average interest rates.
Cardholders who apply for the Platinum Cash Rewards card are now offered an APR ranging from 9.99 percent to 17.99 percent.
Meanwhile, U.S. Bank narrowed the range of possible APRs on the Visa Platinum card by lowering the card's maximum rate from 23.99 percent to 20.99 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.