AUSTIN, Texas, May 10, 2017 /PRNewswire/ — The national average APR for new credit card offers declined this week for the first time in nearly seven months, according to the CreditCards.com Weekly Credit Card Rate Report.

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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

15.79%

15.80%

15.18%

Low Interest

12.66%

12.70%

12.00%

Balance Transfer

15.07%

15.08%

14.41%

Business

13.66%

13.66%

13.12%

Student

13.92%

13.92%

13.42%

Cash Back

15.89%

15.89%

15.33%

Airline

15.77%

15.77%

15.13%

Reward

15.88%

15.87%

15.24%

Instant Approval

18.30%

18.28%

17.86%

Bad Credit

23.23%

23.23%

22.86%

Source: CreditCards.com

Updated: 5-10-2017

The average APR for new card offers dipped to 15.79 percent after hitting an all-time high of 15.80 percent last week.

Pentagon Federal Credit Union spurred this week’s rate change by clipping the minimum APR on the PenFed Promise Visa from 10.74 percent to 9.24 percent. This is the second time this month the credit union has revised rates on the Promise card. Last week, it increased the card’s minimum APR from 8.99 percent.

American Express also tinkered with rates this week. It increased the maximum APR on the Blue Cash Everyday card from 23.74 percent to 24.74 percent. The change didn’t affect the national average because CreditCards.com only considers a card’s lowest rate.

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