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CreditCards.com Weekly Credit Card Rate Report: Average card APR rises to record high of 15.74 percent
AUSTIN, Texas, April 26, 2017 /PRNewswire/ -- The national average APR for new credit card offers rose to another all-time 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 | |
|
National Average |
15.74% |
15.72% |
15.18% |
|
12.59% |
12.57% |
12.00% | |
|
15.02% |
14.99% |
14.41% | |
|
13.66% |
13.64% |
13.12% | |
|
13.92% |
13.92% |
13.42% | |
|
15.79% |
15.77% |
15.33% | |
|
15.77% |
15.74% |
15.13% | |
|
15.83% |
15.81% |
15.24% | |
|
18.25% |
18.23% |
17.86% | |
|
23.20% |
23.20% |
22.86% | |
|
Source: CreditCards.com |
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Updated: 4-26-2017 |
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For the first time on record, the average credit card APR climbed to 15.74 percent. Before this year, the highest average APR recorded was 15.29 percent. A year ago, average rates sat at just 15.19 percent.
Chase spurred this week's rate change by matching the Federal Reserve's March 2017 rate hike with an identical quarter point increase on Chase cards. Most card issuers, including the country's largest lenders, have now increased rates by the same amount.
The regional bank TD Bank also boosted rates by a quarter of a percent, causing the national average APR to increase.
None of the cards tracked by CreditCards.com altered promotional rates, such as 0 percent purchase APRs, this week.
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.
About CreditCards.com
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.
SOURCE CreditCards.com
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