Wednesday, May 31, 2017

CreditCards.com Weekly Credit Card Rate Report: Average card APR jumps to 15.82 percent

Austin, Texas — The national average APR for new card offers broke 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
National Average 15.82% 15.77% 15.18%
Low Interest 12.73% 12.62% 12.00%
Balance Transfer 15.13% 15.07% 14.41%
Business 13.66% 13.66% 13.12%
Student 14.04% 13.92% 13.42%
Cash Back 15.99% 15.84% 15.33%
Airline 15.77% 15.77% 15.13%
Reward 15.85% 15.81% 15.24%
Instant Approval 18.30% 18.30% 17.86%
Bad Credit 23.23% 23.23% 22.86%
Source: CreditCards.com
Updated: 5-31-17

The national average APR climbed to 15.82 percent, which is the highest average APR CreditCards.com has recorded since it began tracking rates in mid-2007.

Bank of America helped kick off this week's rate change with a 1-point rate increase on two of its basic, lower rate cards. The BankAmericard and the BankAmericard for Students now charge a minimum APR of 12.74 percent and a maximum APR of 22.74 percent.

Walmart also increased the APR on the Walmart MasterCard by a quarter of a percent this week, causing its minimum APR to rise to 17.65 percent. In addition, CreditCards.com swapped out two cards that are no longer promoted online with rewards cards that charge somewhat higher APRs.

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