It was only last week that the average credit card rate hit a two-year low. Not so surprisingly, rates are even lowering even more this week. Now, you might wonder why?

Well, the answer is the Federal Reserve. Around seventy percent of credit cards depend on the Federal Reserve’s interest rates in order to employ their own rate. So, the Federal Reserve cut the rate by three-quarters of a point is making the lowering of rates possible.

In a survey which included American Express, Bank of America, Capital One, Washington Mutual and many others the average credit card rate for non-reward cards fell to 13.16% from last week’s 13.29%. The rate for cards with rewards fell to 15.09% from 15.15% of last week. The average for Student Credit cards fell impressively to 15.07% from 15.22% last week. One of the most important ones though, the Business credit card rates fell to 1.11% for non-reward and 12.49% for rewards. Which is also a two-year low.