Wednesday, April 12, 2017
Austin, Texas — The national average APR on new card offers inched up again this week, according to the CreditCards.com Weekly Credit Card Rate Report
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.
Rates for card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|
|Bad Credit||23.20%||23.20%||22.86%|| Source: CreditCards.com
The average APR for new card offers rose to 15.72 percent after two more cards matched the Federal Reserve's March 2017 rate change.
Most issuers have now boosted rates in response to the Federal Reserve's rate change, causing the average APR to rise four weeks in a row. Since March 15, eight of the country's biggest issuers, including Bank of America, Discover, Capital One, American Express, U.S. Bank, Citi, Barclaycard and Wells Fargo have increased rates on most new card offers by 0.25 percent. Several regional banks have also increased APRs.
As a result, the national average APR has risen to its highest point since CreditCards.com began tracking rates in mid-2007. The average APR for the year is currently 15.51 percent.
The CreditCards.com credit card rate survey (permalink: https://www.creditcards.com/rate-report) is conducted weekly, using offer data from leading U.S. card issuers' websites. Introductory offer periods and regular interest rates will vary with applicants' credit quality and issuer risk-based pricing policies.
CreditCards.com is the leading online credit card marketplace connecting consumers with multiple credit card issuers, including a majority of the 10 largest in the United States, based on credit card transaction volume. CreditCards.com, https://www.creditcards.com, enables consumers to search for, compare and apply for credit cards and offers credit card issuers an online channel to acquire qualified applicants.
For more information, contact:
Senior Industry Analyst
512-996-8663, ext. 103
NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.