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

02 Mar, 2016, 12:58 ET from CreditCards.com

AUSTIN, Texas, March 2, 2016 /PRNewswire/ -- The average credit card interest rate stayed put Wednesday at 15.16 percent, 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

15.21%

15.20%

15.27%

Airline

15.17%

15.17%

15.10%

Reward

15.26%

15.25%

15.14%

Instant Approval

18.04%

18.02%

18.00%

Bad Credit

22.56%

22.56%

22.73%

Source: CreditCards.com


Updated: 3-02-2016


 

Several card issuers tweaked interest rates this week, but the changes were too small to affect the national average.

The retail chains Walmart and Meijer both increased rates on their store credit cards by a quarter of a percentage point in response to the Federal Reserve's 2015 rate increase. Since December, 94 cards in the CreditCards.com database increased rates by the same amount.

The Walmart MasterCard now offers an APR ranging from 17.15 percent to 23.15 percent, while the Meijer card offers rates between 20.24 percent and 24.24 percent.

Earlier in the year, Regions Bank also increased the APR on the Regions Visa Platinum Rewards card by 0.25 percent, but then reversed that change this week.

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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