AUSTIN, Texas, Aug. 23, 2017 /PRNewswire/ -- The average APR for new card offers stayed put 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:
For the second week in a row, the national average APR remained at a record high of 16.14 percent – nearly a full percentage point higher than this time last year. On August 23, 2016, the average weekly APR was just 15.19 percent.
The average card APR has climbed steadily this year, thanks to periodic quarter-point rate changes by the Federal Reserve. When the Fed changes its benchmark interest rate, most variable rate cards match it by the same amount. As a result, the average APR for the year has risen to 15.75 percent – also a record high.
Most cards remained unchanged this week. One store card increased its APR by 0.25 percent, but the change didn't affect the national average.
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.
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.