Wednesday, March 23, 2016
Austin, Texas — The average credit card interest rate held firm 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 seventh week in a row, the national average annual percentage rate (APR) stayed put at 15.16 percent.
Two of the cards included in the CreditCards.com Weekly Rate Report advertised higher rates this week. But the rate hikes only affected the cards' maximum interest rates, so the changes didn't affect the national average. CreditCards.com only considers a card's lowest available rate when calculating the national average.
Chase added a maximum APR of 19.49 percent to the Chase Ink Cash for Business credit card. Previously, cardholders were only charged a single APR of 13.49 percent.
Meanwhile, American Express increased the highest available APR on the Blue Cash Everyday card from a maximum of 22.24 percent to a maximum of 23.24 percent.
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.