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CreditCards.com Weekly Credit Card Rate Report: Average card rates climb to 15.63 percentAUSTIN, Texas, March 29, 2017 /PRNewswire/ -- The national average APR on new card offers inched closer to 16 percent this week, reaching a record high of 15.63 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
Interest rates are currently at their highest point since CreditCards.com began tracking rates in mid-2007. Before this year, the highest average APR CreditCards.com recorded was 15.29 percent. Citibank and Wells Fargo spurred this week's rate increase by hiking the APRs on most Citi and Wells Fargo credit cards by a quarter of a percent. The banks increased rates in response to the Federal Reserve's quarter-point rate hike on March 15. So far, American Express, U.S. Bank and several regional banks have also matched the Fed's rate change. The national average APR is expected to rise again once other major banks, such as Bank of America and Chase, increase rates by the same amount. 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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/creditcardscom-weekly-credit-card-rate-report-average-card-rates-climb-to-1563-percent-300431232.html SOURCE CreditCards.com |