CreditCards.com Weekly Credit Card Rate Report: Average card APR jumps to 15.36 percent

AUSTIN, Texas, Jan. 4, 2017 /PRNewswire/ -- Already at a record high, the national average APR on new card offers jumped again, 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

The average card rate climbed to 15.36 percent Wednesday after ending 2016 at a record high of 15.29 percent.  

For the third consecutive week, the average APR climbed to an all-time high after multiple issuers adjusted APRs in response to a rate hike from the Federal Reserve. In mid-December, the Fed hiked its benchmark interest rate by 0.25 percent, prompting issuers to increase rates by the same amount. Among the 100 cards tracked by CreditCards.com, 73 followed suit with 0.25 percent rate increases.

One issuer, Pentagon Federal Credit Union, cut rates this week. The PenFed Promise Visa now advertises a minimum APR of 8.99 percent, while the PenFed Platinum Cash Rewards card charges a minimum rate of 9.24 percent.

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