CreditCards.com Weekly Credit Card Rate Report: Average credit card interest rates sit tight at 15.01 percent

Nov 04, 2015, 13:03 ET from CreditCards.com

AUSTIN, Texas, Nov. 4, 2015 /PRNewswire/ -- Interest rates on new credit card offers held firm Wednesday, 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

15.01%

15.01%

14.92%

Low Interest

11.62%

11.62%

11.62%

Balance Transfer

14.12%

14.12%

14.04%

Business

12.85%

12.85%

12.85%

Student

13.14%

13.14%

13.14%

Cash Back

15.27%

15.27%

15.28%

Airline

15.14%

15.14%

15.10%

Reward

15.15%

15.15%

15.04%

Instant Approval

18.00%

18.00%

17.93%

Bad Credit

22.73%

22.73%

22.73%

Source: CreditCards.com


Updated: 11-04-2015


 

Once again, none of the issuers monitored by CreditCards.com advertised new interest rates. As a result, the national average annual percentage rate (APR) remained at 15.01 percent for the fourth consecutive week.

Most issuers also left promotional terms, including introductory APRs and balance transfer offers, unchanged as well. Pentagon Federal Credit Union introduced a new balance transfer offer to the PenFed Platinum Cash Rewards Visa card. Cardholders who transfer a balance are now charged an introductory APR of 2.99 percent. Previously, cardholders were offered a 0 percent rate on balance transfers.

Platinum Cash Rewards Visa cardholders have a year to pay off their promotional balance transfer before the card's standard interest rate of 9.99 percent to 17.99 percent kicks in.

The CreditCards.com credit card rate survey (permalink: http://www.creditcards.com/rate-report) is conducted weekly, using offer data from the 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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