Wednesday, October 25, 2017
Austin, Texas — Interest rates on new card offers remained at a record high Wednesday, 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 included in the weekly rate report advertised new rates. As a result, the national average APR stayed at a record high of 16.15 percent for the sixth consecutive week.
This is the longest stretch of time that APRs have remained unchanged since 2016. For most of 2017, the national average APR has moved steadily upward as card issuers adjust to the Federal Reserve's ongoing rate hikes.
Most issuers also left promotional rates and other terms unchanged. CapitalOne hiked the annual fee on its travel card, the Venture Rewards card. Cardholders now have to pay $95 a year — up from $59.
Meanwhile, the SelfScore Achieve MasterCard has been renamed. It is now the Deserve Edu MasterCard.
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.