The trend towards low-rate credit cards has made an impact on the Australian marketplace, with the average credit card interest rate on RateCity falling to a new low in April 2018.
The latest stats from the RateCity database has found that the average credit card interest rate fell to 16.87% at the end of April 2018, down from 16.89% at the end of March 2018.
The April average rate is the lowest recorded over the past year, which topped out at 17.05% in July 2017, and has been falling since January 2018.
These falling average credit card interest rates are representative of a trend recently observed in the credit card market, with lenders moving away from higher rewards and more towards lower interest rates and fees.
One of the most recent examples of this trend was American Express, whose Low Rate Credit Card dropped its rate from 11.99% to 8.99% in April 2018, making it one of the equal lowest-rate credit cards on RateCity, alongside card options from Community First CU and Easy Street Financial Services.
It’s important to remember that the credit cards with the lowest interest rates may not always be the best options for every borrower. Consider your finances and read the terms and conditions before making any decisions.
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