CreditCards.com Weekly Credit Card Rate Report: Average card APR climbs to record high of 15.29 percent

AUSTIN, Texas, Dec. 28, 2016 /PRNewswire/ -- Average rates on new credit card offers spiked again 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 national average APR jumped to a record high of 15.29 percent Wednesday after another major card issuer responded to the Federal Reserve's mid-December rate hike with corresponding rate increases.

Citi bumped the APRs on its card offers by 0.25 percent -- the same amount the Federal Reserve increased its benchmark interest rate by -- causing the national average APR to rise to an all-time high. The Federal Reserve raised its benchmark interest rate, the federal funds rate, from 0.25 percent to 0.5 percent Dec. 14, causing multiple card issuers, including American Express, Wells Fargo and U.S. Bank, to increase rates by the same amount. Among the 100 cards tracked by CreditCards.com, 38 have now increased rates by 0.25 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