Wednesday, September 28, 2016
Austin, Texas — The average APR on new card offers remained fixed at a nearly five-year high 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 fifth consecutive week, the national average APR remained at 15.22 percent. The last time average rates climbed this high was in December 2011 when the national average briefly peaked at 15.22 percent. This is the longest period of time since CreditCards.com began tracking rates in mid-2007 that average rates have consistently remained above 15.20 percent.
The average APR for the year also peaked this month, climbing to an all-time high of 15.18 percent. During this same time last year, by contrast, the average APR for the year was just 14.95 percent.
None of the cards tracked by CreditCards.com advertised new APRs this week. Issuers also left promotional rates, such as 0 percent balance transfer offers, unchanged.
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.