Credit Card Rate Averages Continue Falling
On the heels of the latest Federal Reserve interest rate cut in late April, credit card rate averages are continuing to fall across the board, according to our Credit Card Monitor survey.
The average credit card rate for non-reward consumer credit cards is now 12.41%, down from 12.59% on May 2nd and 13.01% in early April. The average rate on credit cards with rewards fell to 14.27%, down from 14.38% in early May and 14.97% last month.
The averages listed above attempt to take into account the multiple tiers that many credit card issuers offer, instead of accounting for only the lowest listed rates. However, IndexCreditCards.com also tracks the very lowest listed rates, those reserved for customers with the very best credit. This week those averages are at 9.24% for non-reward consumer cards and 11.88% for consumer cards with rewards.
Small business credit card rates also continue to fall. The average rate for non-reward business credit cards is 10.52%, down from 10.80% on May 2, while the average rate for reward business credit cards stands at 11.79%, down from 12.14% previously.
While credit card companies continue to offer students much higher rates than the general consumer market, the average student card rate is a bit less painful than usual, having fallen to 14.44% this week, down from 14.57% on May 2, and 14.84% last month.
Financial institutions represented in the survey include Advanta, American Express, Bank of America, Capital One, Chase, Citi, Discover, National City, Pulaski Bank, U.S. Bank, Washington Mutual, Wells Fargo and more.
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
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