Weekly Credit Card Rate Report April 9, 2009

April 9, 2009, Written By sitemanager

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

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
decreased from 11.57% last week to 11.55% this week.

The average credit card rate six months ago (October 10) was 11.89%

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

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
Jan. 27 11.63

The average cash advance rate for this week was 19.98%
which was lower than last week’s rate of 19.99%.

“The credit card rates continue to slightly decline for new card
applicants, but we are seeing a disturbing trend of card issuers
raising rates on established customers who are carrying a
balance,” said Bill Hardekopf, CEO of LowCards.com.

“Bank of America is raising rates on credit card customers who
carry a balance. In June, any BofA customer who has an interest
rate below 10% and carries a balance will see their rate increase
into the double digit category. Customers may opt-out of this
increase by contacting BofA, but they will not be able to use the card
anymore. This follows a trend we have seen at Citigroup, American
Express and Chase. Issuers are happy to offer low rates to new
customers with good to excellent credit. But if you are an established
customer, especially one with average credit, the issuers want to
minimize their risk and have you pay off your balance. They are
forcing the issue by increasing the 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 9, 2009. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.