AUSTIN, Texas, Feb. 25, 2015 /PRNewswire/ -- Average rates on new card offers fell Wednesday for the first time in nearly 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 |
14.87% |
14.89% |
15.06% |
11.53% |
11.53% |
10.37% |
|
14.00% |
14.02% |
12.73% |
|
12.85% |
12.85% |
12.80% |
|
13.14% |
13.14% |
13.27% |
|
15.26% |
15.11% |
14.94% |
|
15.15% |
15.15% |
15.46% |
|
14.99% |
14.99% |
15.04% |
|
17.93% |
17.93% |
28.00% |
|
22.48% |
22.73% |
22.73% |
|
Source: CreditCards.com |
|||
Updated: 02-25-2015 |
The national average annual percentage rate (APR) slid to 14.87 percent after U.S. Bank lowered the APR on the Secured Visa card from 20.99 percent to 18.99 percent. The rate change caused the average APR for subprime cards to fall to 22.48 percent -- a more than four-year low.
Most issuers have left card rates alone since 2014. However, according to spokeswoman Elizabeth Crosta, American Express recently notified "a small percentage" of cardholders that it's raising rates on existing accounts by an average of 2.5 percentage points.
So far, the card issuer has yet to raise rates on new card offers. The last time American Express increased rates on offers tracked by CreditCards.com was in November 2014.
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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