Wednesday, February 8, 2017
Austin, Texas — The national average APR on new credit card offers remained at a 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
For the second consecutive week, the national average APR hit 15.44 percent, which is the highest national average CreditCards.com has recorded since it began tracking rates in mid-2007.
Several issuers tweaked card offers this week, but the changes were too small to affect the national average. The regional First National Bank increased the APR on its American Express card by 0.25 percent in order to match a December 2016 rate hike by the Federal Reserve. The grocery chain Meijer also increased the APR on its Platinum MasterCard by a quarter of a percent.
Meanwhile, the sporting goods store Cabela's increased the APR on the Cabela's Club Visa by 0.01 percent after the one-month Libor rate increased.
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.