Wednesday, January 11, 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||22.98%||22.98%||22.56%|| Source: CreditCards.com
For the second week in a row, the average card APR sat at 15.36 percent, which is the highest national average APR that CreditCards.com has recorded since it began tracking rates in mid-2007.
Average rates on new card offers rose to record highs in December after the Federal Reserve bumped up the benchmark interest rate, the federal funds rate, by 0.25 percent.
Since then, nearly every major card issuer increased rates by the same amount.
After tweaking APRs in response to the Federal Reserve's December rate hike, most issuers left APRs alone this week. PNC Bank increased rates on its business cards by 0.25 percent, but the change was too small to affect the national average.
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.