AUSTIN, Texas, Jan. 13, 2016 /PRNewswire/ -- The national average interest rate on new credit card offers slipped Wednesday for the first time in two months, 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% |
15.13% |
15.00% |
11.87% |
11.84% |
11.62% |
|
14.29% |
14.23% |
14.12% |
|
13.11% |
13.07% |
12.85% |
|
13.42% |
13.42% |
13.14% |
|
15.28% |
15.41% |
15.27% |
|
15.15% |
15.06% |
15.10% |
|
15.24% |
15.26% |
15.14% |
|
18.16% |
18.00% |
18.00% |
|
22.84% |
22.84% |
22.73% |
|
Source: CreditCards.com |
|||
Updated: 1-13-2016 |
After steadily increasing for five weeks, the national average APR declined to 15.12 percent. It's the first time rates have fallen since November 2015.
Walmart spurred this week's rate decrease by slashing the lowest available APR on the Walmart MasterCard by 6 percentage points. Previously, cardholders were charged a flat APR of 22.90 percent. Now, cardholders with higher scores could be offered an APR as low as 16.9 percent.
Several issuers, including Chase, PNC Bank and Barclays, also increased rates on new card offers by 0.25 percent this week. These lenders were among the last major card issuers to alter rates in tandem with the Federal Reserve's December 2015 rate increase.
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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