Tuesday, November 29, 2017

CreditCards.com Weekly Credit Card Rate Report: Average card APR remains unchanged at 16.15 percent

Austin, Texas — Interest rates on new card offers remained stuck in place this 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
National Average 16.15% 16.15% 15.77%
Low Interest 12.89% 12.89% 12.62%
Balance Transfer 15.38% 15.38% 15.07%
Business 13.68% 13.68% 13.66%
Student 15.70% 15.70% 13.92%
Cash Back 16.40% 16.40% 15.84%
Airline 16.07% 16.07% 15.77%
Reward 16.24% 16.24% 15.81%
Instant Approval 18.60% 18.60% 18.30%
Bad Credit 23.46% 23.46% 23.23%
Source: CreditCards.com
Updated: 11-29-17

For the 11th time since September 20, the average card APR registered at 16.15 percent. This is the longest stretch of time interest rates have remained unchanged since 2015.

For most of 2017, card APRs have trended steadily upward, thanks in part to ongoing rate hikes by the Federal Reserve. As a result, the national average APR for the year has climbed to 15.87 percent – also an all-time high. One year ago, the average APR for the year was just 15.18 percent.

None of the cards monitored by the weekly rate report advertised new rates. Issuers also left promotional terms and annual fees alone.

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.

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, 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:

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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