Aug 2, 2017   SOURCE: PR NewsWire

CreditCards.com Weekly Credit Card Rate Report: Average card APR climbs to another all-time high

AUSTIN, Texas, Aug. 2, 2017 /PRNewswire/ -- The national average APR for new card offers climbed again this week, reaching an all-time high of 16.13 percent, 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                 16.13%           16.11%              15.44%

    Low Interest                     12.87%           12.84%              12.24%

    Balance Transfer                 15.35%           15.34%              14.68%

    Business                         13.68%           13.68%              13.41%

    Student                          15.64%           15.64%              13.67%

    Cash Back                        16.36%           16.34%              15.60%

    Airline                          16.06%           16.06%              15.40%

    Reward                           16.21%           16.20%              15.50%

    Instant Approval                 18.57%           18.55%              18.07%

    Bad Credit                       23.46%           23.46%              23.01%

    Source: CreditCards.com

    Updated: 8-02-2017

For the 19th time this year, the national average APR broke a record for the highest national average APR CreditCards.com has recorded since it began tracking rates in mid-2007. Before this year, the highest average CreditCards.com had recorded was 15.29 percent - a difference of 0.84 percent.

Several card issuers increased rates this week. The credit unions Pentagon Federal Credit Union and Navy Federal Credit Union and the regional bank, Fifth Third Bank, increased rates on their cards by a quarter of a percent. Several gas and retail cards also increased rates by 0.25 percent.

Most issuers have now increased rates by 0.25 percent in response to the Federal Reserve's mid-June rate hike.

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.

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SOURCE CreditCards.com