The LowCards.com Weekly Credit Card Rate Report 09-23-08
The LowCards.com Weekly Credit Card Rate Report 09-23-08
The LowCards.com Weekly Credit Card Rate report is based on
our Complete Credit Card Index which tracks the rates of
1260 credit cards in the United States.
Our index showed that Annual Percentage Rates moved only slightly
higher this past week. The average credit card rate was 12.14% for
the 1260 credit cards that are tracked by LowCards.com compared
to the 12.12% average for the previous week.
The average cash advance rate was 20.67%, just slightly higher
than the week before at 20.65%.
Credit card companies may be waiting to hear the full details
from the federal plan to help the financial companies. There
was also a credit card bill that was voted on today in the
House of Representatives that might have an effect on rates.
Bill Hardekopf, CEO of LowCards.com added "There was
an avalanche of news over this past week for credit card
companies. I think they are still trying to digest it all and
therefore have not made any rate changes. Issuers need to
understand the details of the federal bailout and what it will
mean to them. If it works out in a positive way, it might allow
issuers to actually lower rates. We also have the Credit
Cardholders' Bill of Rights Act that the House of Representatives
passed today. If that gets through the Senate and past the
President, issuers may feel some pressure to raise rates sooner
rather than later. The legislation eliminates some of the practices
that they have used to raise rates and fees in the past. For now,
we believe it is status quo until everything shakes out on those two
fronts."
LowCards.com track rates for credit cards in nine
categories. The rates were slightly higher or unchanged in
all nine categories for the past week.
The credit cards with the lowest interest rates in the
nation this week are:
1. 5.00% SimplyCash Business Card from American Express
2. 5.00% Wells Fargo Prime Rate Visa Credit Card
3. 5.00% Nordstrom Platinum Visa
The LowCards.com credit card rate report is compiled weekly
using data from 1260 credit cards which are tracked on the
LowCards.com website. The Complete Credit Card index is
available here
http://www.lowcards.com/CreditCardIndex.aspx
Rates may occasionally change due to the number of cards
being tracked.
About LowCards.com:
LowCards.com ( http://www.LowCards.com ) simplifies the
confusion of shopping for credit cards. It is a free, independent
website that helps consumers easily compare credit cards in
a variety of categories such as lowest rates, rewards, rebates,
balance transfers and lowest introductory rates. It also gives
an unbiased ranking and review for each card.
The LowCards.com Complete Credit Card Index
( http://www.lowcards.com/CreditCardIndex.aspx ) is the most
objective and comprehensive resource on the Internet which
allows consumers to compare rates for all 1260 credit cards
offered in this country.
The founders of LowCards.com have written a book called The
Credit Card Guidebook which helps clarify the confusing
world of credit cards. Consumers can download this book
absolutely free as a PDF or browse it online:
http://www.lowcards.com/the-credit-card-guidebook/index.php
Created by Hampton & Associates, the company has been
analyzing the credit card industry and supplying objective
websites on various consumer expenses for eight years.
The LowCards.com Weekly Credit Card Rate report is based on
our Complete Credit Card Index which tracks the rates of
1260 credit cards in the United States.
Our index showed that Annual Percentage Rates moved only slightly
higher this past week. The average credit card rate was 12.14% for
the 1260 credit cards that are tracked by LowCards.com compared
to the 12.12% average for the previous week.
The average cash advance rate was 20.67%, just slightly higher
than the week before at 20.65%.
Credit card companies may be waiting to hear the full details
from the federal plan to help the financial companies. There
was also a credit card bill that was voted on today in the
House of Representatives that might have an effect on rates.
Bill Hardekopf, CEO of LowCards.com added "There was
an avalanche of news over this past week for credit card
companies. I think they are still trying to digest it all and
therefore have not made any rate changes. Issuers need to
understand the details of the federal bailout and what it will
mean to them. If it works out in a positive way, it might allow
issuers to actually lower rates. We also have the Credit
Cardholders' Bill of Rights Act that the House of Representatives
passed today. If that gets through the Senate and past the
President, issuers may feel some pressure to raise rates sooner
rather than later. The legislation eliminates some of the practices
that they have used to raise rates and fees in the past. For now,
we believe it is status quo until everything shakes out on those two
fronts."
LowCards.com track rates for credit cards in nine
categories. The rates were slightly higher or unchanged in
all nine categories for the past week.
The credit cards with the lowest interest rates in the
nation this week are:
1. 5.00% SimplyCash Business Card from American Express
2. 5.00% Wells Fargo Prime Rate Visa Credit Card
3. 5.00% Nordstrom Platinum Visa
The LowCards.com credit card rate report is compiled weekly
using data from 1260 credit cards which are tracked on the
LowCards.com website. The Complete Credit Card index is
available here
http://www.lowcards.com/CreditCardIndex.aspx
Rates may occasionally change due to the number of cards
being tracked.
About LowCards.com:
LowCards.com ( http://www.LowCards.com ) simplifies the
confusion of shopping for credit cards. It is a free, independent
website that helps consumers easily compare credit cards in
a variety of categories such as lowest rates, rewards, rebates,
balance transfers and lowest introductory rates. It also gives
an unbiased ranking and review for each card.
The LowCards.com Complete Credit Card Index
( http://www.lowcards.com/CreditCardIndex.aspx ) is the most
objective and comprehensive resource on the Internet which
allows consumers to compare rates for all 1260 credit cards
offered in this country.
The founders of LowCards.com have written a book called The
Credit Card Guidebook which helps clarify the confusing
world of credit cards. Consumers can download this book
absolutely free as a PDF or browse it online:
http://www.lowcards.com/the-credit-card-guidebook/index.php
Created by Hampton & Associates, the company has been
analyzing the credit card industry and supplying objective
websites on various consumer expenses for eight years.
