Wednesday, November 15, 2017
Austin, Texas — Interest rates on new credit card offers remained fixed at 16.15 percent Wednesday for the ninth consecutive week, 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||23.46%||23.46%||23.23%|| Source: CreditCards.com
None of the cards tracked by CreditCards.com advertised new interest rates. Promotional rates also stayed the same.
The average card APR is currently at its highest point in more than a decade and shows no signs of declining any time soon. It has dipped just twice this year, indicating that issuers have little appetite for cutting rates.
As the Federal Reserve gradually increases its benchmark interest rate, card issuers are responding by also boosting card APRs. As a result, the average card APR is now almost a full percentage point higher than it was in November 2016.
The CreditCards.com credit card rate survey (permalink: http://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, http://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.