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Average card APR holds steady at 15.22 percent

Staff Writer |
The average APR on new card offers didn't budge this week, according to the Weekly Credit Card Rate Report.

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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.

For the third consecutive week, the national average annual percentage rate held steady at 15.22 percent. None of the cards tracked by advertised new interest rates.

Average rates on new credit cards are currently at their highest point in nearly five years.

The last time the national average climbed this high was in December 2011 when it briefly peaked at 15.22 percent. At that time, average rates stayed above 15.10 percent for just four weeks before falling to 14.95 percent in January.

This year, the average APR has remained solidly above 15.10 percent all year. As a result, the average APR for 2016 has climbed to 15.17 percent - its highest point since began tracking rates in mid-2007.

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