The Weekly Credit Card Rate Report 11-20-08

November 20, 2008, Written By sitemanager

The Weekly Credit Card Rate Report 11-20-08

The 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 for credit
cards moved slightly higher this past week. The average
credit card rate for purchases was 12.01% for the 1260
credit cards that are tracked by compared to
the 11.99% average for the previous week.

Here are the averages from the Complete Credit
Card Index for the previous ten weeks:

Nov. 20 12.01%
Nov. 13 11.99
Nov. 6 11.95
Oct. 30 12.01
Oct. 23 12.03
Oct. 16 12.06
Oct. 8 11.89
Sept 30 12.13
Sept 23 12.14
Sept 16 12.12
Sept 9 11.99

The average cash advance rate dropped slightly to 20.71%
from 20.72% the week before.

A new batch of concerns has hit the financial markets and
those may be making credit card issuers pause before
lowering rates.

“I think the credit card issuers have some general concerns about the economy and the ability of certain card holders to pay their bills.” said Bill Hardekopf, CEO of .
“The credit card issuers are not yet aggressively dropping
rates even though Fed rates have declined. Issuers may be making a little more profit since it now costs the credit card issuers less to borrow money from the Fed, and in this tough economy, they may be reluctant to give up that new increased profit margin. Citigroup even said this week they were raising rates on about 20% of their customers after promising not
to do so.”

The credit cards with the lowest interest rates in the
nation this week are:

1. 4.50% Wells Fargo Prime Rate Visa Credit Card
2. 4.50% Nordstrom Platinum Visa
3. 5.00% SimplyCash Business Card from American Express

The credit card rate report is compiled weekly
using data from 1260 credit cards which are tracked on the website. The Complete Credit Card index is
available here:

Rates may occasionally change due to the number of cards
being tracked.

About ( )
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 company has been analyzing the credit card industry and supplying objective websites on various consumer expenses for eight years.

The Complete Credit Card Index ( ) 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 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:

This entry was posted in Weekly Rate Report and tagged No tags added

The information contained within this article was accurate as of November 20, 2008. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.