CreditCards.com Weekly Credit Card Rate Report: Average card APR climbs to 15.89 percent


AUSTIN, Texas, June 14, 2017 — The national average APR for new card offers bounced 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

15.89%

15.83%

15.20%

Low Interest

12.73%

12.73%

12.00%

Balance Transfer

15.13%

15.13%

14.44%

Business

13.66%

13.66%

13.16%

Student

14.89%

14.04%

13.42%

Cash Back

16.09%

15.99%

15.38%

Airline

15.77%

15.77%

15.15%

Reward

15.95%

15.86%

15.27%

Instant Approval

18.32%

18.32%

17.86%

Bad Credit

23.23%

23.23%

22.86%

Source: CreditCards.com

Updated: 6-14-2017

The average card APR increased from a previous high of 15.83 to a record high of 15.89 percent.

However, unlike previous rate changes, this week’s change was due to a reshuffling of cards included in the CreditCards.com database rather than an APR change. Comerica discontinued the Comerica College Rewards Visa. CreditCards.com replaced it with a brand-new student card, the SelfScore Achieve MasterCard for International Students, which charges a significantly higher APR.

The Comerica College Rewards Visa card is the second student card in two months to be taken off the market. In May, U.S. Bank discontinued the U.S. Bank College Visa card. Other student cards have also disappeared in the past year, including the Regions Student Visa.

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.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/creditcardscom-weekly-credit-card-rate-report-average-card-apr-climbs-to-1589-percent-300474077.html

SOURCE CreditCards.com

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