Weekly Credit Card Rate Report 09-16-08

September 16, 2008, Written By sitemanager

The LowCards.com Weekly Credit Card Rate Report

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 higher this past
week. The average credit card rate was 12.12% for the 1260 credit cards
that are tracked by LowCards.com which was higher than the week before
at 11.99%.

The average cash advance rate was 20.67% which was slightly
higher than the week before at 20.65%.

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

You may view rates for all 1260 credit cards in the United
States here:
https://www.lowcards.com/CreditCardIndex.aspx

The average rate for credit card purchases jumped by over 10
basis points this past week. One possibility for the increase
is that credit card issuers are starting to be concerned about
an increased risk of default in credit cards.

Bill Hardekopf, CEO of LowCards.com added “We have seen
a mixed picture on inflation so I do not think that is the reason
for the increase. The Federal Reserve did not change rates today
and that was pretty much what was expected so that probably had
no effect on rates. More than likely the credit card issuers are
trying to hedge their portfolio risk some like the mortgage
industry has done. They probably expect the number of defaults
on credit cards are going to increase as we continue to see weakness
in the economy. And believe it or not, it might also be related
some to the weather. All the hurricane activity this year may
be making the issuers more nervous about the risk to their
profits and portfolios in the states along the gulf coast.
IberiaBank, based in Louisiana, raised their credit card rates
by 300 basis points this past week. Their card had
one of the lowest rates in the nation at 5% and it is still a
good card at 8%, but you have to wonder if the hurricanes
played a part in their decision making process. “

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
https://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
( https://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:
https://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.


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


The information contained within this article was accurate as of September 16, 2008. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.