Wednesday, January 18, 2017
Austin, Texas — The national average APR on new card offers climbed to an all-time record 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
The average APR for new credit cards jumped to 15.42 percent — up from a previous record of 15.36 percent.
J.P. Morgan Chase spurred this week's rate change by revising APRs on its line of credit cards so that Chase cards align with the Federal Reserve's December 2016 rate hike. The federal agency raised its benchmark interest rate by 0.25 percent, prompting lenders to increase rates by the same amount.
Chase also hiked APRs by more than a full percentage point on several cards, including the Freedom card and the Slate card. The lowest available APR on the Slate card, for example, was increased to 15.49 percent — up from a previous low of 13.24 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.