Wednesday, May 11, 2016
Austin, Texas — Average rates on new credit card offers stayed put 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
None of the cards tracked by CreditCards.com advertised new interest rates. As a result, the national average annual percentage rate (APR) remained at 15.19 percent for the fourth consecutive week.
Most card issuers left promotional APRs, such as 0 percent balance transfer offers and 0 percent purchase rates, unchanged as well.
American Express sweetened the promotional offer on the American Express Every Day card after trimming the promotional offer's interest-free period earlier this year. Cardholders now have 15 months to take advantage of a 0 percent APR on purchases and balance transfers. Previously, cardholders had just 12 months.
Interest rates on new card offers are currently near record highs. The last time interest rates stretched above 15.19 percent was in December 2011.
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.