CreditCards.com Weekly Credit Card Rate Report: Average card rates hold steady at 15.12 percent

20 Jan, 2016, 13:41 ET from CreditCards.com

AUSTIN, Texas, Jan. 20, 2016 /PRNewswire/ -- Average rates on new card offers remained unchanged 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

15.12%

15.12%

15.00%

Low Interest

11.87%

11.87%

11.62%

Balance Transfer

14.30%

14.29%

14.12%

Business

13.11%

13.11%

12.85%

Student

13.42%

13.42%

13.14%

Cash Back

15.23%

15.28%

15.27%

Airline

15.16%

15.15%

15.10%

Reward

15.25%

15.24%

15.14%

Instant Approval

18.18%

18.16%

18.00%

Bad Credit

22.88%

22.84%

22.73%

Source: CreditCards.com


Updated: 1-13-2016


 

Two cards included in the weekly rate report advertised slightly higher rates this week. However, the changes were too small to affect the national average. As a result, the national average remained fixed at 15.12 percent. The changes were big enough, though, to lift the average APRs of several card categories.

The minimum APR on the Credit One Visa Platinum card rose from 17.9 percent to 18.15 percent. Meanwhile, the card's maximum rate increased from 23.9 percent to 24.15 percent.

The APR on the Southwest Airlines Rapid Rewards Premier card also rose by 0.25 percent this week. Most major lenders have responded to the Federal Reserve's December 2015 quarter point rate increase by hiking rates by the same amount.

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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