Wednesday, February 15, 2017
Austin, Texas — The national average APR on new card offers climbed to another record high 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||23.01%||23.01%||22.56%|| Source: CreditCards.com
The average card APR rose to 15.50 percent — the highest national average CreditCards.com has recorded — after Wells Fargo dramatically revised an offer.
Wells Fargo increased the minimum APR on the Wells Fargo Rewards card from a low of 12.65 percent to a minimum rate of 17.65 percent. The card's new minimum rate is substantially higher than the national average APR for rewards cards, which currently clocks in at 15.57 percent.
Citi also modestly increased the APR on one of its rewards cards by half a percentage point, bumping the APR on the Diamond Preferred card to 12.99 percent. Meanwhile, U.S. Bank increased the maximum APR on its Visa Platinum card from 21.49 to 22.49 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.