Average Credit Card Rate Above 15%, First Time in Nearly 1 Year

Average Credit Card Rate Above 15%, First Time in Nearly 1 YearThe national average APR (annual percentage rate) on new credit card offers did something it hasn’t done in almost a year. It jumped above 15 percent to 15.02 percent this week, according to the closely-watched CreditCards.com weekly review.
Capital One increased the APR on a cash-back credit card by 3 percentage points, primarily spurring the surge over 15 percent.
Capital One hiked the APR on the QuicksilverOne Cash Rewards card from 19.8 percent to 22.9 percent. Currently, five out of six of Capital One cards for consumers with average credit have an APR of 22.9 percent or higher, CreditCards.com said.
Barclays also revised an offer this week. The card issuer eliminated the promotional APR on the US Airways Premier World MasterCard and extended its interest-free balance transfer offer from 12 months to 15 months.
The CreditCards.com credit card rate survey 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.
Source: CreditCards.com

Credit Card Rate Averages
Avg. APR Last Week 6 Months ago
National Average 15.02% 14.99% 14.95%
Low Interest 10.46% 10.46% 10.29%
Balance Transfer 12.49% 12.41% 12.59%
Business 12.98% 12.98% 13.13%
Student 13.27% 13.27% 13.16%
Cash Back 14.62% 14.51% 14.13%
Airline 14.51% 14.51% 14.63%
Reward 14.86% 14.82% 14.75%
Instant Approval 28.00% 28.00% 15.49%
Bad Credit 23.48% 23.48% 23.64%

 

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