Wednesday, October 11, 2017
Austin, Texas — Interest rates on new card offers held still 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|
|Bad Credit||23.46%||23.46%||23.20%|| Source: CreditCards.com
None of the cards monitored by CreditCards.com advertised new interest rates. As a result, the national average APR stayed put at 16.15 percent for the fourth straight week.
Issuers also left promotional terms, including interest-free balance transfer offers and introductory APRs, unchanged.
The average APR for new card offers is currently at a record high. A year ago, the average APR registered nearly a full percentage point lower at just 15.18 percent.
Over the past year, average rates have increased at the fastest rate since 2010.
Since January 1, 2017, the national average has increased 22 times and fallen just twice. As a result, the average APR for the year has climbed to 15.82 percent — also a record high.
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.