Wednesday, March 9, 2016
Austin, Texas — The average credit card interest rate didn't budge 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 fifth week in a row, the national average annual percentage rate (APR) stayed at 15.16 percent. None of the cards included in the weekly rate report advertised new interest rates. Most of the cards' introductory offers remained unchanged as well.
American Express sweetened the 0 percent promotional offers on its EveryDay credit card. Cardholders now have 15 months to take advantage of interest-free purchases and balance transfers. Previously, cardholders had just 12 months to enjoy a 0 percent rate.
Average rates on new card offers are currently near record highs. Since January 1, the national average APR has hovered just above 15.10 percent. It's the longest period of time rates have remained that high since CreditCards.com began tracking rates in 2007.
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.