Wednesday, June 28, 2017
Austin, Texas — The national average APR for new credit card offers hit another 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||23.40%||23.29%||22.95%|| Source: CreditCards.com
For the first time since CreditCards.com began tracking average interest rates, the national average credit card APR climbed to 16 percent — up from 15.18 in June 2016.
This week's rate change was due to the Federal Reserve's June 2017 rate hike. On June 14, the Fed announced it would increase its benchmark interest rate, the federal funds rate, by a quarter of a percent. Since then, several card issuers have increased rates by the same amount, including Citi, American Express and US Bank.
The national average card APR is expected to rise again this month once more card issuers alter rates in response to the Fed's latest increase. Several major issuers haven't yet increased APRs.
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.