If you’re planning on getting a credit card, now might be a good time to do it.
The average annual percentage rate for new credit cards has dropped to record lows, according to CreditCards.com. The website’s Weekly Credit Card Rate Report shows that the rate fell to its lowest level in more than eight months.
Average APR dropped to 14.87 percent this week compared to 14.91 percent in the last report. The rate is the lowest it has been since June 2011. This marks the third time the rates have dropped this year.
The report also showed that rates have gone a record 12 weeks without an increase.
The average is calculated by rates from 100 of the most popular credit cards in the country. Introductory rates are not included in the study.
Interest rates for credit cards given to those with bad credit dropped to 23.41 percent compared to 24.96 recorded six months ago.
To read the full report, visit CreditCards.com.