Average Credit Card Rate Stays Under 15% for 2nd Week

The national average credit card rate stayed at 14.96 percent this week, after dropping below 15 percent the previous week for the first time in more than two months, according to the weekly survey of offers by Creditcards.com.
One big bank issuer, Bank of America, increased the maximum possible APR (annual percentage rate) on its cash rewards card for big-league baseball fans by 2 percentage points.
However, Creditcards.com only considers a card’s lowest possible rate when calculating average interest rates, so BofA’s change did not affect the national average.
The MLB BankAmericard Cash Rewards card previously advertised an APR range of 12.99 percent to 20.99 percent. The card now features a range of possible APRs from 12.99 percent to 22.99 percent.
The credit card rate survey uses 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.
The average is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers.  Introductory (teaser) rates are not included in the calculation.

Credit Card Rate Averages
Avg. APR Last Week 6 Months ago
National Average 14.96% 14.96% 14.91%
Low Interest 10.40% 10.40% 10.40%
Balance Transfer 12.62% 12.62% 12.43%
Business 13.13% 13.13% 12.67%
Student 13.31% 13.31% 13.77%
Cash Back 14.30% 14.30% 14.24%
Airline 14.63% 14.63% 14.63%
Reward 14.80% 14.80% 14.70%
Bad Credit 23.64% 23.64% 23.64%

Source: Creditcards.com

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