CreditCards.com Weekly Credit Card Rate Report: Average card rate remains at 15.16 percent

17 Feb, 2016, 12:54 ET from CreditCards.com

AUSTIN, Texas, Feb. 17, 2016 /PRNewswire/ -- The national average annual percentage rate remained near a record high Wednesday after falling the previous week for the first time in about a month, 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

15.16%

15.16%

15.00%

Low Interest

11.96%

11.96%

11.62%

Balance Transfer

14.35%

14.35%

14.12%

Business

13.12%

13.12%

12.85%

Student

13.42%

13.42%

13.14%

Cash Back

15.20%

15.20%

15.27%

Airline

15.17%

15.17%

15.10%

Reward

15.25%

15.25%

15.14%

Instant Approval

18.02%

18.02%

18.00%

Bad Credit

22.56%

22.56%

22.73%

Source: CreditCards.com


Updated: 2-17-2016


None of the issuers tracked by CreditCards.com raised minimum rates this week. As a result, the national average annual percentage rate remained unchanged at 15.16 percent.

Chase added a maximum APR of 23.24 percent to the Marriott Rewards Premier credit card. However, the change didn't affect the national average as Chase left the minimum rate of 16.24 percent alone. CreditCards.com only considers a card's lowest available interest rate when calculating average rates.

Despite falling twice this year, interest rates are currently near record highs. The last time average rates rose above 15.16 percent was in December 2011 when the national average briefly peaked at 15.22 percent.

The CreditCards.com credit card rate survey (permalink: http://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, http://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.

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SOURCE CreditCards.com



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