Weekly Credit Card Rate Report April 16, 2009

April 16, 2009, Written By sitemanager

The LowCards.com Weekly Credit Card Rate Report 04-16-09

The LowCards.com Weekly Credit Card Rate report is based on
our Complete Credit Card Index which tracks the advertised rates
of 1060 credit cards in the United States.

Our index showed that the Annual Percentage Rates for credit cards
remained the same at 11.55% this week.

The average credit card rate six months ago (October 16) was 12.06%

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

Apr. 16 11.55%
Apr. 9 11.55
Apr. 2 11.57
Mar. 26 11.69
Mar. 17 11.70
Mar. 10 11.69
Mar. 3 11.65
Feb. 24 11.65
Feb.17 11.66
Feb.11 11.51
Feb. 3 11.51

The average cash advance rate for this week was 19.97%
which was lower than last week’s rate of 19.98%.

“Credit card issuers are starting to report their quarterly earnings and
the news is not all bad,” said Bill Hardekopf, CEO of LowCards.com.
“The defaults on credit cards reached record levels in March and that
is still bad news for credit card issuers and consumers. The increase
in defaults will force credit card issuers to continue to tighten standards
and increase rates and fees. However, we did see a glimmer of good
news in the earnings reports. American Express and Capital One both
showed declines in the number of loans that are at least 30 days
delinquent. This may be an indicator that future default rates are
going to be coming down because cardholders are starting to pay
more on their credit card balances. If the finances for the credit
card issuers improve, then we may see them relax interest rates
and fees to compete more with each other for market share.”

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

1. 4.24% American Quarter Horse Association Business Credit Card
2. 5.00% Fifth Third Bank Platinum Prime MasterCard
3. 5.24% Farm Bureau Bank Platinum MasterCard

The LowCards.com credit card rate report is compiled weekly
using data from 1060 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 1060 credit cards
offered in this country. Created by Hampton & Associates,
the company has been analyzing the credit card industry
and supplying objective websites on various consumer
expenses for eight years.


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The information contained within this article was accurate as of April 16, 2009. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.