New credit cards are hitting the market with higher average rates, according to

Credit Card Rate Report

The way computes the average is by looking at 100 of the most popular credit cards across America. The study uses cards that represent every category of options that credit cards have to offer and includes cards from leading U.S. issuers.

 Avg. APRLast Week6 Months Ago
National Average14.69%14.37%14.38%
Low Interest11.63%11.93%12.11%
Cash Back12.70%12.70%12.57%
Balance Transfer12.83%12.83%12.75%
Instant Approval16.49%16.49%18.41%
Bad Credit24.64%21.04%20.32%

According to the press release, the average rates rose in two of the above categories and remained the same in the others. One of the reasons for this increase was First Premier Bank’s release of the 59.9% APR Centennial Classic card, which could be among the highest APRs ever issued. The rate boost put the national average interest rate at its highest level since the beginning of April and its second highest point since 2007, when began reporting the national average.

Best Credit Cards

There are tons of deals out there, although it can difficult to sift through the information to find the best card for your budget. The best way to narrow down the cards is using a credit card comparison tool that can provide rates based on the category in which you are interested and your credit score. Here are some of the best credit cards in the low-interest category on MyBankTracker:

  • Miles by Discover Card: Regular APR starts at 10.99% with a $0 annual fee. Includes reward two miles per $1 spent.
  • Escape by Discover Card: Regular APR starts at 10.99% with a $60 annual fee. Includes reward two miles per $1.
  • Discover Motiva Card: Intro APR of 3.99% for the first 12 months. The regular APR is 11.99% with a $0 annual fee. Includes 5% cash back rewards.
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