Wednesday, January 4, 2017
Austin, Texas — Already at a record high, the national average APR on new card offers jumped again, 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||22.98%||22.95%||22.56%|| Source: CreditCards.com
The average card rate climbed to 15.36 percent Wednesday after ending 2016 at a record high of 15.29 percent.
For the third consecutive week, the average APR climbed to an all-time high after multiple issuers adjusted APRs in response to a rate hike from the Federal Reserve. In mid-December, the Fed hiked its benchmark interest rate by 0.25 percent, prompting issuers to increase rates by the same amount. Among the 100 cards tracked by CreditCards.com, 73 followed suit with 0.25 percent rate increases.
One issuer, Pentagon Federal Credit Union, cut rates this week. The PenFed Promise Visa now advertises a minimum APR of 8.99 percent, while the PenFed Platinum Cash Rewards card charges a minimum rate of 9.24 percent.
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.