Wednesday, March 29, 2017
Austin, Texas — The national average APR on new card offers inched closer to 16 percent this week, reaching a record high of 15.63 percent, 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||23.17%||23.04%||22.86%|| Source: CreditCards.com
Interest rates are currently at their highest point since CreditCards.com began tracking rates in mid-2007. Before this year, the highest average APR CreditCards.com recorded was 15.29 percent.
Citibank and Wells Fargo spurred this week's rate increase by hiking the APRs on most Citi and Wells Fargo credit cards by a quarter of a percent. The banks increased rates in response the Federal Reserve's quarter-point rate hike on March 15.
So far, American Express, U.S. Bank and several regional banks have also matched the Fed's rate change. The national average APR is expected to rise again once other major banks, such as Bank of America and Chase, increase rates by the same amount.
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.