Consumer credit cards experience a drop in the interest rates

Friday, August 5th, 2011
Updated: August 5th, 2011
The content is accurate at the time of publication and is subject to change.

One of the good news for customers today is the fact that the interest rates on consumer credit cards have seen a fall in recent times. In the first two months of July 2011, there was a decline in the interest rates on both rewards and non-rewards credit cards. Though both segments saw a decline, the reason for the drop in each segment was for a different reason.

The average rate of interest on non-rewards credit cards that stood at 15.09% before July fell to just 14.88% this month. This change was not because of any change in the interest rates for all cards in this category, but only because of the change made to the APR of credit cards that were a part of some of the recent surveys.

In the rewards credit card segment, the average rate of interest dropped to 17.09% in the month of July as compared to 17.48% before that. One of the main reasons for this decline was the interest change made to one of the credit cards offered by Capital One, the No Hassles Cash Rewards Card(OFFER EXPIRED).

The interest rate on student credit cards did not see any change. The interest rates on these cards that changed in April this year have remained the same ever since. The current average interest rate in this category is 16.67%.

The interest rates on cards issued to customers with excellent and good credit history also remain unchanged.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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