Wednesday, May 10, 2017
Austin, Texas — The national average APR for new credit card offers declined this week for the first time in nearly seven months, 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
The average APR for new card offers dipped to 15.79 percent after hitting an all-time high of 15.80 percent last week.
Pentagon Federal Credit Union spurred this week's rate change by clipping the minimum APR on the PenFed Promise Visa from 10.74 percent to 9.24 percent. This is the second time this month the credit union has revised rates on the Promise card. Last week, it increased the card's minimum APR from 8.99 percent.
American Express also tinkered with rates this week. It increased the maximum APR on the Blue Cash Everyday card from 23.74 percent to 24.74 percent. The change didn't affect the national average because CreditCards.com only considers a card's lowest rate.
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.