Weekly Credit Card Rate Report April 23, 2009

April 23, 2009, Written By sitemanager

The LowCards.com Weekly Credit Card Rate Report 04-23-09

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
was 11.60% this week which was slightly higher than last week at
11.55%.

The average credit card rate six months ago (October 23) was 12.03%

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

Apr. 23 11.60%
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

The average cash advance rate for this week was 20.03%
which was higher than last week’s rate of 19.97%.

“Credit card rates inched up this week, but issuers may be under
some significant pressure to lower rates very soon. President Obama,
the Senate and the House have been busy this week putting the spotlight
on credit card issuers” said Bill Hardekopf, CEO of LowCards.com.

“This all goes back to the proposed Credit Cardholders’ Bill of
Rights. The President and Congress teamed up this week to get
this legislation recognized and moving. The House passed the
bill in committee yesterday and will vote on it in the full house as
early as next week. The Senate is also expected to vote on their
version very soon. President Obama met with the CEOs of the
major credit card companies today to put pressure on them to
enact some of these provisions even before they become law.

“It is expected the Senate and House will pass the legislation,
especially with the President backing it. The Credit Cardholders’
Bill of Rights will help consumers by ending some unfair practices
used by credit card companies. It prevents card companies from
unfairly increasing rates on existing card balances and requires issuers
to give 45 days notice of all interest rate increases We think the pressure
from both the administration and Congress may encourage credit card
companies to lower interest rates.”

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 23, 2009. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.