Wednesday, March 16, 2016
Austin, Texas — The average credit card interest rate remained locked in place 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%||22.73%|| Source: CreditCards.com
For the sixth consecutive week, the national average annual percentage rate (APR) remained at 15.16 percent. Most card issuers left interest rates alone this week.
Regions Bank reinstated its quarter point increase on the Regions Visa Platinum card after briefly canceling the card's rate increase in early March. Cardholders are now offered a range of APRs starting at 13.24 percent and topping out at 20.24 percent.
Among the 100 cards included in the CreditCards.com database, 94 cards have increased rates by 0.25 percent since the Federal Reserve increased the federal benchmark interest rate by the same amount. Card issuers are now waiting to see if the Federal Reserve increases rates again at its March 15 to March 16 meeting.
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.