Wednesday, May 03, 2017
Austin, Texas — The national average APR for new credit card offers busted another record 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||23.23%||23.20%||22.86%|| Source: CreditCards.com
The average card APR jumped to a record 15.80 percent after several issuers increased credit card interest rates.
Some issuers, such as USAA, Credit One and First National Bank, increased rates by a quarter of a percent to match the Federal Reserve's March 2017 rate increase.
Other lenders, such as Pentagon Federal Credit Union and Discover, increased rates by a much larger amount. For example, Discover hiked the minimum available APR on the Discover it cash back card from a low of 11.74 percent to a minimum rate of 13.74 percent. Meanwhile, Pentagon Federal Credit Union increased the minimum APR on the PenFed Promise Visa from 8.99 percent to 10.74 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.