May 20, 2015
Austin, Texas — Average rates on new credit card offers rose Wednesday to their highest point in more than six months, 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||22.73%||22.73%||22.73%|| Source: CreditCards.com
The national average annual percentage rate jumped to 14.99 percent after Synchrony Bank increased the APR on the BP Visa credit card to 26.99 percent. Previously, J.P. Morgan Chase issued the BP Visa card and charged new cardholders a minimum APR of 20.24 percent.
Synchrony Bank announced in January that it would replace J.P. Morgan Chase as the issuer of the BP Visa, but it didn’t begin accepting applications for the card until May.
Meanwhile, Wells Fargo sweetened the offer on the Cash Back College card by lowering the card’s promotional APR from 5.9 percent to 0 percent. Students are given up to a year to take advantage of the new 0 percent rate.The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) is conducted weekly, using offer data from the 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.