Wednesday, June 7, 2017
Austin, Texas — The national average APR for new card offers reached another all-time 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||23.23%||23.23%||22.86%|| Source: CreditCards.com
For the first time on record, the national average APR rose to 15.83 percent. Before this year, the highest average APR CreditCards.com recorded was 15.29 percent.
Citi helped power this week's rate hike by increasing the minimum APR on its elite card, the Citi Prestige card, to 16.49 percent. It also added a maximum APR of 24.49 percent. Previously, cardholders were offered just one flat rate of 15.99 percent.
The sporting goods store Cabela's also boosted rates this week. It increased the lowest available APR on the Cabela's Club Visa to 16.04 percent and the maximum APR to 22.04 percent.
Meanwhile, the retail giant Gap increased the APR on the Gap Visa credit card from 25.49 percent to 25.74 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.