Wednesday, March 30, 2016
Austin, Texas — For the eighth week in a row, the average credit card interest rate remained stuck at 15.16 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||22.56%||22.56%||22.73%|| Source: CreditCards.com
The national average annual percentage rate (APR) hasn't dipped below 15.16 percent — a near-record high — since January. Meanwhile, rates have floated above 15 percent for 15 consecutive weeks.
Most of the cards tracked by CreditCards.com remained unchanged this week. Chase added a maximum APR of 23.24 percent to the United Mileage Plus Explorer credit card. Previously, the airline card only charged a single APR of 16.24 percent.
However, the rate hike didn't affect the national average because CreditCards.com only considers a card's lowest available rate when calculating average interest rates. This is the second week in a row Chase has expanded the range of APRs on one of its cards.
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.