Credit Card Rates Above 15% 2nd Time This year

Average credit card interest rates jumped this week for the second consecutive week to just above 15 percent, according to CreditCards.com.
The average annual percentage rate (APR) increased to 15.02 percent, from 14.97 percent last week. This is the second time since the first week of January that rates rose above 15 percent.
The average by CreditCards.com is composed of 100 of the most popular credit cards in the country, including cards from leading U.S. issuers in every card category. Introductory (teaser) rates are not included in the calculation.
This week’s increase was affected by a rate change on the Carnival World MasterCard from Barclays. The bank increased the bottom end of the card’s APR range from 10.74 percent to 13.99 percent, prompting the national average to rise.
Barclays also decreased the top end of the Carnival World MasterCard’s APR range from 21.74 percent to 20.99 percent. Since CreditCards.com only considers the lowest possible APR when calculating rates, this decrease did not affect the national average.
Rates for card categories tracked by CreditCards.com are listed below:

Credit Card Rate Averages
Avg. APR Last Week 6 Months ago
National Average 15.02% 14.97% 14.96%
Low Interest 10.40% 10.40% 10.73%
Balance Transfer 12.63% 12.50% 12.77%
Business 13.13% 13.13% 12.91%
Student 13.77% 13.77% 13.77%
Cash Back 14.45% 14.45% 14.34%
Airline 14.63% 14.63% 14.44%
Reward 14.84% 14.79% 14.59%
Bad Credit 23.64% 23.64% 24.96%

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