Wednesday, May 25, 2016

CreditCards.com Weekly Credit Card Rate Report: Average card APR holds steady at 15.19 percent

Austin, Texas — Interest rates on new credit card offers held still 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
National Average 15.19% 15.19% 14.96%
Low Interest 11.96% 11.96% 11.62%
Balance Transfer 14.39% 14.39% 14.07%
Business 13.12% 13.12% 12.85%
Student 13.42% 13.42% 13.14%
Cash Back 15.30% 15.30% 15.27%
Airline 15.17% 15.17% 14.91%
Reward 15.30% 15.30% 15.09%
Instant Approval 18.04% 18.04% 18.00%
Bad Credit 22.56% 22.56% 22.73%
Source: CreditCards.com
Updated: 5-25-16

None of the cards tracked by CreditCards.com advertised new interest rates. As a result, the national average annual percentage rate (APR) remained fixed at 15.19 percent for the sixth week.

After increasing steadily between December and February, card offers have mostly stayed the same in 2016. Since January 1, for example, the national average APR hasn't changed for 15 weeks and when it did, it only changed a half dozen times.

Despite remaining relatively steady, the national average is currently near record highs. In December 2015, the Federal Reserve increased its benchmark interest rate by a quarter of a percent, causing most card APRs to rise by the same amount. Since then, average rates on new card offers have remained above 15 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.

About CreditCards.com
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:

###

Matt Schulz
Senior Industry Analyst
matt.schulz@creditcards.com
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.

Source: CreditCards.com