The LowCards.com Weekly Credit Card Rate Report October 8, 2008
The LowCards.com Weekly Credit Card Rate Report 10-8-08
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 lower
this past week. The average credit card rate for purchases
was 11.89% for the 1260 credit cards that are tracked by
LowCards.com compared to the 12.13% average for the previous
week.
The average cash advance rate was 20.71% which was slightly
higher than the 20.67% from the week before.
Credit card companies have started to lower their rates in
response to a number of items. The financial bailout was
finally approved last week and the banks were able to get a
little more clarity on what they would be facing. In
addition, banks have been anticipating an emergency fed rate
cut that had been rumored for over a week which we finally
saw today.
Bill Hardekopf, CEO of LowCards.com added "We have
seen the credit card companies have a great desire to attract
excellent credit customers. They probably anticipated this
rate cut we had today. I think they started to move rates
down ahead of this cut to try to attract the best customers
back. The drop in rates was also due to a number of higher
interest cards being removed from the market place as
companies appear to be minimizing the number of poor
credit customers they are attracting."
LowCards.com track rates for credit cards in nine categories.
The rates were slightly lower 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% Wells Fargo Prime Rate Visa Credit Card
2. 5.00% Nordstrom Platinum Visa
3. 5.00% Nordstrom Visa Signature
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 lower
this past week. The average credit card rate for purchases
was 11.89% for the 1260 credit cards that are tracked by
LowCards.com compared to the 12.13% average for the previous
week.
The average cash advance rate was 20.71% which was slightly
higher than the 20.67% from the week before.
Credit card companies have started to lower their rates in
response to a number of items. The financial bailout was
finally approved last week and the banks were able to get a
little more clarity on what they would be facing. In
addition, banks have been anticipating an emergency fed rate
cut that had been rumored for over a week which we finally
saw today.
Bill Hardekopf, CEO of LowCards.com added "We have
seen the credit card companies have a great desire to attract
excellent credit customers. They probably anticipated this
rate cut we had today. I think they started to move rates
down ahead of this cut to try to attract the best customers
back. The drop in rates was also due to a number of higher
interest cards being removed from the market place as
companies appear to be minimizing the number of poor
credit customers they are attracting."
LowCards.com track rates for credit cards in nine categories.
The rates were slightly lower 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% Wells Fargo Prime Rate Visa Credit Card
2. 5.00% Nordstrom Platinum Visa
3. 5.00% Nordstrom Visa Signature
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.
