Credit card rate averages have again set a new two-year low, according to our IndexCreditCards.com Credit Card Monitor survey, falling even further than we had predicted last month. And, with the Federal Reserve cutting interest rates by a quarter-point this week, these averages figure to go down even a bit more in the coming weeks. (This week’s Fed cut is not factored into the averages listed here, as it takes some time for these cuts to be felt by credit card consumers.)

The average credit card rate for non-reward consumer credit cards fell to 12.59%, compared to 13.01% in early April. The average rate on credit cards with rewards fell to 14.38%, down from 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 9.43% for non-reward consumer cards and 11.98% for consumer cards with rewards.

Even students, who usually get the worst rates, don’t have it so bad right now. The average student credit card rate has fallen to 14.57%, down from 14.84% last month.

Business credit card rates are also falling, although more modestly. (On the other hand, business credit card rates aregenerally significantly lower than consumer card rates.) The average rate for non-reward business credit cards is 10.80%, down from 10.83%, and the average rate for reward business credit cards stands at 12.14%, down slightly from the 12.16% average of 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.

Published 05/02/08 (Modified 04/20/12)