CreditCards.com Weekly Credit Card Rate Report: Average card rates jump to 15.07 percent

Dec 30, 2015, 14:15 ET from CreditCards.com

AUSTIN, Texas, Dec. 30, 2015 /PRNewswire/ -- Interest rates on new credit card offers rose to a near record high this week after Citi boosted rates on multiple cards, 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

15.07%

15.05%

15.00%

Low Interest

11.76%

11.74%

11.62%

Balance Transfer

14.17%

14.15%

14.12%

Business

12.97%

12.95%

12.85%

Student

13.29%

13.26%

13.14%

Cash Back

15.32%

15.30%

15.27%

Airline

15.02%

14.99%

15.10%

Reward

15.20%

15.18%

15.14%

Instant Approval

18.00%

18.00%

18.00%

Bad Credit

22.81%

22.81%

22.73%

Source: CreditCards.com


Updated: 12-30-2015


 

More than a week after the Federal Reserve increased the federal funds rate by 0.25 percent, Citi hiked APRs on its credit cards by the same amount. As a result, the national average APR rose to 15.07 percent -- one of the highest average APRs ever recorded by the CreditCards.com Weekly Rate Report.

The last time average rates were this high was in late 2014.

Card issuers are acting quickly to pass along the Fed rate hike to their customers with variable rate cards, as allowed under federal law. Among the 100 cards tracked by CreditCards.com 34 have increased rates since the Fed's action, all by the same quarter point.

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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