Rate Report

Rate survey: Average card APR remains at record high of 17.76 percent for fourth week


The average APR on new credit card offers held still Wednesday, according to the Weekly Credit Card Rate Report.

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The average APR on new credit card offers held still Wednesday, according to the Weekly Credit Card Rate Report. For the fourth week in a row, the national average APR remained at a record high of 17.76 percent.

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

Most issuers tracked by left interest rates alone this week. Chase floated a number of different APRs on the Chase Sapphire Preferred Card. However, not all borrowers were shown the same offer.

Some borrowers, for example, are currently being shown an APR range of 16.24 percent to 26.24 percent. Others are seeing an APR range starting at 17.24 percent and maxing out at 27.24 percent when they view the card online. Meanwhile, other applicants are being shown a range of APRs starting at 18.24 percent and maxing out at either 25.24 percent or 27.24 percent.

Issuers often float different offers to different computers, depending on how a borrower accessed the application. Some issuers even regularly offer one set of terms on their home websites and another set of terms on third-party websites, such as

As a result, it’s become increasingly important in recent years for consumers to compare credit card offers across a range of websites. The terms an issuer offers on one website may not be the only terms available on a particular card.

See related:  Historic credit card interest rates chart

Fewer consumers are missing card payments, despite higher rates

Credit card APRs have climbed substantially in recent years, thanks in part to federal interest rate increases and independent card changes.

The average APR on new credit cards, for example, has climbed by more than 2 and a half percentage points since late 2015. Meanwhile, rates on existing credit cards have also climbed. The average APR on all credit card accounts, for example, has climbed by more than 3 percentage points since 2015, according to the Federal Reserve’s latest consumer credit report.

But despite the higher rates, most consumers are still managing to pay at least the minimum amount due on their cards.

According to the American Bankers Association’s latest Consumer Credit Delinquency Bulletin, the percentage of consumers falling behind on payments has even dropped in recent months.

The study found that late payments on bank-issued credit cards dropped by 0.18 percentage points in the first quarter of 2019 after climbing by 0.17 percentage points during the 2018 holiday season.

According to the ABA, the drop in the number of credit card delinquencies that banks are recording may be due, in part, to stricter lending standards. In addition, many consumers continue to show restraint in the amount of credit they take on.

See related:  Guide to rising credit card interest rates’s Weekly Rate Report

Avg. APR Last week 6 months ago
National average17.76%17.76%17.47%
Low interest14.72%14.72%14.52%
Cash back17.68%17.68%17.56%
Balance transfer15.59%15.59%16.67%
Instant approval20.24%20.24%19.97%
Bad credit25.33%25.33%24.96%
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.)
Updated: July 17, 2019

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In Rate Report

Rate survey: Average card APR sits tight at 17.76 percent

The average APR on new credit card offers held steady at a record high Wednesday, according to the Weekly Credit Card Rate Report.

Published: July 10, 2019

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Credit Card Rate Report Updated: October 16th, 2019
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