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Rate survey: Average card APR holds steady at record high of 17.73 percent

Summary

The average APR on new credit cards remained unchanged Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report.

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The average APR on new credit card offers remained unchanged Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report. The national average annual percentage rate (APR) remained at 17.73 percent, which is an all-time record high.

None of the cards included in the weekly rate report advertised new interest rates. Issuers also left promotional terms, such as interest-free balance transfer offers, unchanged.

Every week, CreditCards.com evaluates the APRs, annual fees and promotional terms of 100 U.S. credit cards.

Although none of the cards included in the weekly rate report modified their terms this week, CreditCards.com did revise its card list after Barclaycard took the Arrival Plus World Elite Mastercard offline and closed it to new applications.

CreditCards.com replaced the Arrival Plus card with the Bank of America® Premium Rewards® credit card, which advertises the same variable APR range of 18.24 percent to 25.24 percent, and offers a similar rewards structure.

The Arrival Plus card is the second card in two months that Barclaycard has taken offline. It also stopped accepting applications for its low interest credit card, the Barclaycard Ring Mastercard, in May.

See related:  Historic credit card interest rates chart

Consumers’ travel card options continue to shift

Now that the Arrival Plus World Elite Mastercard is no longer available, consumers have fewer flat rate travel cards to choose from.

Cardholders who are looking for a premium travel card with a simple rewards structure can still apply for the Capital One Venture Rewards Credit Card, which (like the Arrival Plus card) awards two miles per dollar spent.

The Bank of America Premium Rewards card also offers two points for every dollar that cardholders spend on travel and dining purchases. However, cardholders will have to invest in slightly higher annual fees. Both the Venture card and the Bank of America Premium Rewards card cost $95 a year to own, although the Venture card’s annual fee is waived in the first year. The Arrival Plus card, by contrast, charged $89.

Cardholders who don’t want to spend money on an annual fee can also look to the Discover it® Miles card, which continues to offer 1.5 miles per dollar spent (plus an additional match of 1.5 miles per dollar spent at the end of the first year).

In addition, Marriott and Chase just added a new no-annual-fee hotel card to the travel card space, giving frequent travelers another low-commitment credit card to choose from.

Marriott and Chase announced June 11 that they are adding the Marriott Bonvoy Bold Credit Card to their lineup of hotel cards. The new no annual fee hotel card will award 3 points per dollar spent on Marriott purchases, 2 points per dollar spent on travel purchases and 1 point per dollar spent on all other purchases.

Chase is also offering a hefty 50,000-point sign-up bonus to Marriott Bonvoy Bold applicants who spend $2,000 in the first 3 months of account opening (this offer is no longer available on our site), which is unusually generous for a no-annual-fee credit card. In addition, cardholders will get 15 night credits per year, allowing them to start out with Marriott’s silver elite status. Hotel guests with silver elite status are awarded a number of additional perks, including free WiFi, late checkout and an automatic points bonus.

See related:  Guide to rising credit card interest rates

Issuers chase millennials with no-annual-fee travel cards 

Co-branded travel cards with no annual fees have become more common in recent years as card issuers target millennial travelers who aren’t willing to commit to an annual fee.

In 2017, for example, Chase and United Airlines debuted the United TravelBank card, which offers 2 percent back on United purchases and 1.5 percent back on all other purchases.

Meanwhile, American Express and Delta Airlines debuted the no-annual-fee Blue Delta SkyMiles® Credit Card from American Express, which awards 2 miles per dollar spent on U.S. restaurant and directly-made Delta purchases and 1 mile per dollar spent on all other eligible purchases.

In 2018, Citi and American Airlines also launched the American Airlines Aadvantage MileUp Card, which awards 2 miles per dollar spent on groceries and American Airlines purchases and 1 mile per dollar spent on all other purchases.

Other no annual fee co-branded travel cards that applicants can choose from include the Hilton Honors American Express Card, the Wyndham Rewards Visa Signature card, the Choice Privileges Visa Signature card from Barclaycard, the Orbitz Rewards Visa Signature card from Comenity Bank and the Best Western Rewards Mastercard from First Bankcard.

CreditCards.com’s Weekly Rate Report

Avg. APR Last week 6 months ago
National average17.73%17.73%17.15%
Low interest14.71%14.71%14.19%
Cash back17.68%17.68%17.18%
Balance transfer15.57%15.63%16.33%
Business15.61%15.61%14.78%
Student17.79%17.79%17.30%
Airline17.54%17.54%17.12%
Rewards17.57%17.57%17.14%
Instant approval20.24%20.24%19.83%
Bad credit25.33%25.33%24.34%
Methodology: The national average credit card APR 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 listed above. (Introductory, or teaser, rates are not included in the calculation.)
Source: CreditCards.com
Updated: June 12, 2019

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Published: June 12, 2019

See more stories
Credit Card Rate Report Updated: October 16th, 2019
Business
15.18%
Airline
17.11%
Cash Back
17.25%
Reward
17.13%
Student
17.29%

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