Wednesday, September 21, 2016
Austin, Texas — The average APR on new card offers remained near record highs 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||22.86%||22.86%||22.56%|| Source: CreditCards.com
For the fourth week in a row, the national average annual percentage rate remained at 15.22 percent — an almost five-year high.
None of the cards tracked by CreditCards.com advertised new interest rates. Promotional rates remained unchanged as well.
This is the 38th week in a row that the national average APR has stayed above 15.10 percent. Meanwhile, the average APR for the year rose to 15.18 percent — an all-time high.
Rates haven't stayed this high for this long since CreditCards.com began tracking rates in mid-2007. Rates on new and current card offers are expected to rise again after the Federal Reserve raises its benchmark interest rate, the federal funds rate.
The CreditCards.com credit card rate survey (permalink: https://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, https://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.