AUSTIN, Texas, Aug. 16, 2017 /PRNewswire/ -- The average APR for new credit card offers hit another record 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:
The average credit card APR inched up to an all-time high of 16.14 percent, up from a previous high of 16.13 percent. The average APR for the year is now 15.74 percent.
Citi was responsible for this week's rate change. It increased the available APR on the Citi Thank You Preferred card for College Students by half a percentage point. Students who apply for Citi's only student credit card are now offered a range of APRs, starting at 15.49 percent and maxing out at 25.49 percent.
As a result, the average APR for new student credit cards has climbed to 15.70 percent – up from an average APR of 13.42 percent in August 2016.
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.