Credit Card APR Drops

By CreditCards.com, Special for  USDR

The national average APR for new card offers dropped to a four-week low Wednesday, 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

Avg. APR

Last week

6 months ago

National Average

15.77%

15.79%

15.18%

Low Interest

12.62%

12.66%

12.00%

Balance Transfer

15.07%

15.07%

14.41%

Business

13.66%

13.66%

13.12%

Student

13.92%

13.92%

13.42%

Cash Back

15.84%

15.89%

15.33%

Airline

15.77%

15.77%

15.13%

Reward

15.81%

15.88%

15.24%

Instant Approval

18.30%

18.30%

17.86%

Bad Credit

23.23%

23.23%

22.86%

Source: CreditCards.com

Updated: 5-24-2017

The national average APR fell to 15.77 percent after remaining at 15.79 percent for two weeks. This is just the second time this year that the national average APR has  declined.

Discover spurred this week’s rate change by cutting the lowest available APR on the Discover “it” card, by 2 percentage points. Cardholders are now offered a range of APRs starting at 11.74 percent and maxing out at 23.74  percent.

Discover’s previous offer of 13.74 percent appeared to be a test offer. The card issuer increased the “it” card’s minimum APR from 11.74 percent to 13.74 percent in early May. The offer lasted just a few brief  weeks.

None of the other cards tracked by CreditCards.com altered rates this  week.

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.

SOURCE  CreditCards.com

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