Rewards credit cards have seen a noticeable interest rate drop over non-reward credit cards according to a recent survey as of July as mentioned on FoxBusiness.com. They have dropped to an average rate of 17.09 percent from their previous level of 17.48 percent.
The average rate for non-reward credit cards fell to 14.88 percent from 15.09 percent. However, this was due to an updating of the credit cards covered by the survey, rather than an actual interest rate trend. The great news is that as a result of changes in both sub-categories, the overall average rate for consumer credit cards dropped and now stands at 16.43 percent, down from 16.76 percent.