Wednesday, March 8, 2017
Austin, Texas — The national average APR on new card offers inched up this week, rising to an all-time high, 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||23.01%||23.01%||22.86%|| Source: CreditCards.com
For the first time on record, the national average APR rose to 15.51 percent — up from 15.50 percent the previous week. Before this year, the highest average CreditCards.com had recorded was 15.29 percent.
SunTrust Bank helped spur this week's rate change by increasing the lowest available APR on one of its travel cards by a full percentage point. Cardholders who apply for the SunTrust Travel Rewards card are now offered a minimum APR of 11.74 percent. The card's maximum rate of 21.74 percent stayed the same.
Walmart was also active. It boosted the APR on the Walmart MasterCard by 0.25 percent. Cardholders are now offered a range of 17.40 percent to 23.40 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.