Wednesday, October 5, 2016
Austin, Texas — The average APR on new card offers remained at a five–year high for the sixth consecutive 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||22.86%||22.86%||22.56%|| Source: CreditCards.com
Most cards left interest rates alone this week. As a result, the average APR on new card offers remained lodged at 15.22 percent. The last time APRs climbed this high was in 2011 when the national average briefly hovered between 15.14 percent and 15.22 percent. This is the first time since CreditCards.com began tracking rates in mid-2007 that the national average has consistently remained at 15.22 percent.
The sporting goods store Cabela's increased the APR on the Cabela's Club Visa by 0.01 percent this week, but the change was too small to affect the national average. Cabela's customers are now offered a range starting at 15.52 percent and maxing out at 21.52 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.