The LowCards.com Weekly Credit Card Rate Report September 30, 2008
The LowCards.com Weekly Credit Card Rate Report 09-30-08
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 12.13% for the 1260 credit cards that are tracked by
LowCards.com compared to the 12.14% average for the previous
week.
The average cash advance rate was 20.67% which was the same
as the week before.
Credit card companies were still in a holding pattern
waiting to hear the full details of federal plans to help
the financial companies. There was also the Credit
Cardholder's Bill of Rights that passed the House of
Representatives this past week. This bill may eventually
influence rates and fees of credit cards, but it still must
pass the senate and go to the president. The president
opposes the bill and has threatened to veto it.
Bill Hardekopf, CEO of LowCards.com added "The credit card
industry is still waiting to hear what the details are of
the bailout before they do anything. I don't think the
bailout will directly have an impact. It might have some
indirect effect because banks might be more willing to make
new loans and issue new credit cards if they knew they could
get some of the bad debt off the books. We have also heard
whispers about the Federal Reserve dropping interest rates.
It was supposed to happen over the weekend or right after
the bailout passed. If the surprise rate cut ever does
actually happen then of course that would bring rates down
on a lot of credit cards." 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 12.13% for the 1260 credit cards that are tracked by
LowCards.com compared to the 12.14% average for the previous
week.
The average cash advance rate was 20.67% which was the same
as the week before.
Credit card companies were still in a holding pattern
waiting to hear the full details of federal plans to help
the financial companies. There was also the Credit
Cardholder's Bill of Rights that passed the House of
Representatives this past week. This bill may eventually
influence rates and fees of credit cards, but it still must
pass the senate and go to the president. The president
opposes the bill and has threatened to veto it.
Bill Hardekopf, CEO of LowCards.com added "The credit card
industry is still waiting to hear what the details are of
the bailout before they do anything. I don't think the
bailout will directly have an impact. It might have some
indirect effect because banks might be more willing to make
new loans and issue new credit cards if they knew they could
get some of the bad debt off the books. We have also heard
whispers about the Federal Reserve dropping interest rates.
It was supposed to happen over the weekend or right after
the bailout passed. If the surprise rate cut ever does
actually happen then of course that would bring rates down
on a lot of credit cards." 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.
