Wednesday, November 2, 2016

CreditCards.com Weekly Credit Card Rate Report: Average card APR remains unchanged at 15.18 percent

Austin, Texas — The average APR on new credit card offers remained fixed at 15.18 percent Wednesday, 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 15.18% 15.18% 15.19%
Low Interest 12.00% 12.00% 11.96%
Balance Transfer 14.41% 14.41% 14.39%
Business 13.12% 13.12% 13.12%
Student 13.42% 13.42% 13.42%
Cash Back 15.33% 15.33% 15.30%
Airline 15.13% 15.13% 15.17%
Reward 15.24% 15.24% 15.30%
Instant Approval 17.86% 17.86% 18.04%
Bad Credit 22.86% 22.86% 22.56%
Source: CreditCards.com
Updated: 11-2-16

For the fourth consecutive week, the national average annual percentage rate didn't move.

None of the cards tracked by CreditCards.com advertised new interest rates. Promotional terms were also left unchanged.

Average rates on new card offers are currently near record highs. For all of 2016, so far, the national average APR has remained well above 15.10 percent. As a result, the average APR for the year has climbed to its highest point since CreditCards.com began tracking rates in mid-2007. The average APR for 2016, for example, is currently 15.18 percent. In November 2015, it was 14.95 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:

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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