Wednesday, July 12, 2017
Austin, Texas — The national average APR for new card offers remained above 16 percent Wednesday for the second week in a row, 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||23.43%||23.43%||22.98%|| Source: CreditCards.com
Three cards included in the weekly rate report increased rates by a quarter of a percent. However, the changes were too small to affect the national average. As a result, the average card APR remained fixed at 16.06 percent for the second week.
Average rates on new card offers are currently at their highest point since CreditCards.com began tracking rates in mid—2007. In the 10 years that CreditCards.com has followed rates, the average card APR has mostly stayed below 15.20 percent.
The Federal Reserve spurred most of this year's rate changes. It recently increased its benchmark interest rate by a quarter of a percent for the third time in six months.
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.