New credit cards are hitting the market with higher average rates, according to CreditCards.com.
Credit Card Rate Report
The way CreditCards.com 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. APR Last Week 6 Months Ago
National Average 14.69% 14.37% 14.38%
Low Interest 11.63% 11.93% 12.11%
Cash Back 12.70% 12.70% 12.57%
Balance Transfer 12.83% 12.83% 12.75%
Business 13.05% 13.05% 12.96%
Reward 14.29% 14.28% 14.47%
Airline 14.45% 14.45% 14.43%
Student 14.49% 14.49% 13.77%
Instant Approval 16.49% 16.49% 18.41%
Bad Credit 24.64% 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 Creditcards.com 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.com:
- 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.