AUSTIN, Texas, April 22, 2015 /PRNewswire/ -- Average rates on new card offers increased this week to their highest point this year, 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 |
14.92% |
14.90% |
15.07% |
11.62% |
11.62% |
10.37% |
|
14.04% |
14.04% |
12.82% |
|
12.85% |
12.85% |
12.80% |
|
13.14% |
13.14% |
13.24% |
|
15.26% |
15.26% |
14.98% |
|
15.10% |
15.10% |
15.46% |
|
15.04% |
15.04% |
15.05% |
|
17.93% |
17.93% |
28.00% |
|
22.73% |
22.48% |
22.73% |
|
Source: CreditCards.com |
|||
Updated: 04-22-2015 |
The national average annual percentage rate (APR) rose to 14.92 percent Wednesday after remaining at 14.9 percent for about a month. The last time average rates rose above 14.91 percent was in December 2014.
Capital One spurred this week's rate change by increasing the APR on the Capital One Secured MasterCard by 2 percentage points. Applicants are now offered a single APR of 24.9 percent. The rate hike caused the average APR for subprime cards to increase to 22.73 percent.
The issuer also eliminated the Capital One Secured MasterCard's $29 annual fee. Now, applicants who are trying to rebuild their credit only need to put down a security deposit of $49, $99 or $200 to qualify for a new card.
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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