The average annual percentage rate of the most popular credit cards dropped this week to 14.91 percent, from 14.96 percent last week, according to the CreditCards.com.
This marks the sixth time this year that rates have declined, after touching a record high of 15.22 percent in December.
JPMorgan Chase helped push down this week’s interest rate by slashing the APR on two of its business credit cards.
The Chase Ink Business credit card and the Chase Ink Cash credit card had previously featured an APR of 13.24 percent. Now, both cards carry an APR of 10.24 percent.
Chase also increased the APR on the Chase Freedom card by 1 percentage point. However, the rate hike was too small to cancel out the changes to the other two cards.
The average is composed of 100 of the most popular cards in the country, representing every card category. Introductory (teaser) rates are not included in the calculation.
|Credit Card Rate Averages|
|Avg. APR||Last Week||6 Months ago|