Wednesday, May 4, 2016
Austin, Texas — Average rates on new credit card offers remained unchanged 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 third straight week, the national average annual percentage rate (APR) remained at 15.19 percent -- a more than four year high.
Most issuers left their credit card rates and promotional offers unchanged this week. The sporting goods store Cabela's increased the APR on the Cabela's Club Visa card by 0.01 percent. However, the change was too small to affect the national average. Cabela's fans are now offered an APR ranging from 15.43 percent to 21.43 percent.
Average rates on new credit card offers are currently at their highest point since December 2011. Most cards included in the CreditCards.com database increased their rates by a quarter of a percentage point earlier this year after the Federal Reserve raised its benchmark interest rate.
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.