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

Mar 09, 2016, 13:30 ET from CreditCards.com

AUSTIN, Texas, March 9, 2016 /PRNewswire/ -- The average credit card interest rate didn't budge this 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

15.16%

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%

15.21%

15.27%

Airline

15.17%

15.17%

15.10%

Reward

15.26%

15.26%

15.14%

Instant Approval

18.04%

18.04%

18.00%

Bad Credit

22.56%

22.56%

22.73%

Source: CreditCards.com


Updated: 3-09-2016


For the fifth week in a row, the national average annual percentage rate (APR) stayed at 15.16 percent. None of the cards included in the weekly rate report advertised new interest rates. Most of the cards' introductory offers remained unchanged as well. 

American Express sweetened the 0 percent promotional offers on its EveryDay credit card. Cardholders now have 15 months to take advantage of interest-free purchases and balance transfers. Previously, cardholders had just 12 months to enjoy a 0 percent rate.

Average rates on new card offers are currently near record highs. Since January 1, the national average APR has hovered just above 15.10 percent. It's the longest period of time rates have remained that high since CreditCards.com began tracking rates in 2007.  

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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