Wednesday, August 02, 2017
Austin, Texas — The national average APR for new card offers climbed again this week, reaching an all-time high of 16.13 percent, 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||23.46%||23.46%||23.01%|| Source: CreditCards.com
For the 19th time this year, the national average APR broke a record for the highest national average APR CreditCards.com has recorded since it began tracking rates in mid-2007. Before this year, the highest average CreditCards.com had recorded was 15.29 percent — a difference of 0.84 percent.
Several card issuers increased rates this week. The credit unions Pentagon Federal Credit Union and Navy Federal Credit Union and the regional bank, Fifth Third Bank, increased rates on their cards by a quarter of a percent. Several gas and retail cards also increased rates by 0.25 percent.
Most issuers have now increased rates by 0.25 percent in response to the Federal Reserve's mid-June rate hike.
The CreditCards.com credit card rate survey (permalink: http://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, http://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.