CreditCards.com Weekly Credit Card Rate Report: Average card APR rises to 15.19 percent
AUSTIN, Texas, April 20, 2016 /PRNewswire/ -- The average interest rate on new credit card offers rose to a near record high 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 |
15.19% |
15.16% |
15.01% |
| 11.96% |
11.96% |
11.62% |
|
| 14.39% |
14.36% |
14.12% |
|
| 13.12% |
13.12% |
12.85% |
|
| 13.42% |
13.42% |
13.14% |
|
| 15.30% |
15.21% |
15.27% |
|
| 15.17% |
15.17% |
15.14% |
|
| 15.30% |
15.26% |
15.15% |
|
| 18.04% |
18.04% |
18.00% |
|
| 22.56% |
22.56% |
22.73% |
|
| Source: CreditCards.com |
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| Updated: 4-20-2016 |
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The national average annual percentage rate (APR) climbed to 15.19 percent Wednesday – a more than four-year high -- after remaining stuck at 15.16 percent for 10 weeks. The last time average rates were this high was in December 2011 when rates briefly climbed to 15.22 percent.
First National Bank, the regional bank based in Omaha, Nebraska, spurred this week's rate change by increasing the minimum APR on the First National Bank American Express card from 16.24 percent to 19.24 percent. It also eliminated the card's maximum APR of 23.24 percent.
Wholesale retailer Sam's Club also helped boost the national average by increasing the minimum APR on the Sam's Club MasterCard from 14.9 percent to 15.15 percent.
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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