National Credit Card APR Drops Back Down Below 15%

The national average APR on credit card offers dropped to 14.96 percent this week, the first time it has fallen below 15 percent in more than two months, according to creditcards.com.
A move by American Express to cut the lowest available APR on the Blue Cash Everyday card by more than 4 percentage points fueled the national average decline. Applicants with excellent credit may now qualify for an APR as low as 12.99 percent — down from 17.24 percent the previous week.
American Express also lowered the card’s maximum available interest rate from 22.24 percent to 21.99 percent. This modest drop in the card’s highest rate didn’t affect the national average because CreditCards.com only considers a card’s lowest available APR when calculating average rates.
American Express confirmed the APR change, but declined to comment.
The CreditCards.com rate survey looks at offers 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.

Credit Card Rate Averages
Avg. APR Last Week 6 Months ago
National Average 14.96% 15.01% 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% 14.47% 14.24%
Airline 14.63% 14.63% 14.63%
Reward 14.80% 14.85% 14.70%
Bad Credit 23.64% 23.64% 23.64%

Source: Creditcards.com

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