Wednesday, January 25, 2017
Austin, Texas — The national average APR on new 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, the national average APR sat at 15.42 percent — the highest national average CreditCards.com has recorded since it began tracking rates in mid-2007.
None of the cards included in the weekly report advertised new interest rates. Card issuers also left promotional offers, such as 0 percent balance transfer offers, unchanged.
Average rates on new card offers climbed after the Federal Reserve pushed up its benchmark interest rate by a quarter of a percent. Most major card issuers increased rates by the same amount, causing the national average APR to soar to an all-time record. Before the Fed's latest rate increase, the highest national average APR ever recorded was 15.22 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.