Wednesday, March 1, 2017

CreditCards.com Weekly Credit Card Rate Report: Average card APR remains at all-time high of 15.50 percent for third week

Austin, Texas — The national average APR on new card offers stayed 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
National Average 15.50% 15.50% 15.22%
Low Interest 12.36% 12.36% 11.98%
Balance Transfer 14.76% 14.76% 14.39%
Business 13.41% 13.41% 13.12%
Student 13.67% 13.67% 13.42%
Cash Back 15.61% 15.61% 15.32%
Airline 15.40% 15.40% 15.13%
Reward 15.57% 15.57% 15.30%
Instant Approval 18.09% 18.09% 18.04%
Bad Credit 23.01% 23.01% 22.86%
Source: CreditCards.com
Updated: 3-1-17

For the third consecutive week, the national average APR registered at an all-time high of 15.50 percent. As a result, the average APR for the first two months of the year climbed to 15.44 percent — up from an average of 15.15 percent during the same time last year.

None of the cards included in the weekly rate report advertised new interest rates.

Average rates rose to record highs this year after the Federal Reserve increased its benchmark interest rate by a quarter of a percent, causing most card issuers to increase rates by the same amount. Before this year, average rates stayed within rounding distance of 15 percent for over six years.

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.

About CreditCards.com
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:

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Matt Schulz
Senior Industry Analyst
matt.schulz@creditcards.com
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.

Source: CreditCards.com