October 7, 2015

CreditCards.com Weekly Credit Card Rate Report: Average credit card interest rates remain at 15 percent for record-setting 16th week

Austin, Texas — Interest rates on new card offers remained cemented in place for another record-breaking 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 15.00% 15.00% 14.90%
Low Interest 11.62% 11.62% 11.62%
Balance Transfer 14.12% 14.12% 14.04%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Cash Back 15.27% 15.27% 15.28%
Airline 15.10% 15.10% 15.10%
Reward 15.14% 15.14% 15.04%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source: CreditCards.com
Updated: 10-07-15

For the 16th week in a row, the national average annual percentage rate (APR) held fast at 15 percent. This is the longest period of time that average credit card APRs have remained in place since CreditCards.com began tracking rates in mid-2007.

Most issuers left interest rates and other terms alone this week. Among the 100 cards tracked by CreditCards.com, the sporting goods store Cabela's was the exception. It lowered the minimum APR on the Cabela's Club Visa from 15.19 percent to 15.18 percent after the one-month LIBOR rate decreased. However, the change was too small to affect the national average. The retail card's maximum rate also fell by .01 percent.

The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) is conducted weekly, using offer data from the 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