Wednesday, July 19, 2017
Austin, Texas — The national average APR for new credit cards held still this week despite multiple changes to card offers, 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
Several cards advertised new rates this week. However, the changes didn't move the average card APR, which has remained at 16.06 percent for three weeks.
More than a month after the Federal Reserve increased its benchmark interest rate by a quarter of a percent, Chase hiked APRs on all new Chase cards by the same amount.
SunTrust Bank also increased rates by a quarter of a percent on some cards. However, it cut the lowest available APR on the SunTrust Specialty Business card by more than 2 percentage points and added a maximum APR that's more than 3 points higher than the card's previous highest rate. Only the card's lowest rate affected the national average.
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.