Wednesday, October 12, 2016
Austin, Texas — The average APR on new credit card offers fell to a nine–week low on 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|
|Bad Credit||22.86%||22.86%||22.56%|| Source: CreditCards.com
The national average APR dropped to 15.18 percent after staying at 15.22 percent — an almost five year high — for six straight weeks.
Unlike most rate changes, this week's change was due to a reshuffling of the cards included in the CreditCards.com database rather than an APRchange.
The Fifth Third Bank Platinum MasterCard was swapped out for the bank's brand–new Truly Simple card after Fifth Third Bank launched a new credit card line. The Truly Simple card carries a slightly higher minimum APR of 12.24 percent.
Meanwhile, the Costco Anywhere Visa replaced the eBay MasterCard after Synchrony Bank stopped accepting online applications for the eBay card. The Costco card offers a much lower APR of 15.49 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.
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.