Wednesday, September 20, 2017
Austin, Texas — The average APR for new credit card offers inched up to another 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%||23.01%|| Source: CreditCards.com
The national average APR climbed to 16.15 percent, setting another all-time record. Interest rates on new card offers are currently at their highest point since CreditCards.com began tracking rates in mid-2007.
Citi helped spur this week's rate change by boosting the lowest available APR on the Citi Diamond Preferred card from 13.49 percent to 13.99 percent. It also nudged the card's maximum rate by half a percentage point, pushing it up to a high of 23.99 percent.
A change in the CreditCards.com database also affected this week's rate change. Occasionally, CreditCards.com switches up the cards in the rate report's 100-card sample. This week, CreditCards.com replaced a retail card with limited availability with another store card with a slightly higher APR.
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.