Weekly Credit Card Rate Report May 14, 2009

May 14, 2009, Written By sitemanager

The LowCards.com Weekly Credit Card Rate Report May 14, 2009

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 11.65% this week which was unchanged from last week.

The average credit card rate six months ago (November 13) was 11.99%.
Nine months ago (August 12), it was 12.04%

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

May. 14 11.65%
May 7 11.65
Apr. 30 11.61
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

The average cash advance rate for this week was 20.08%
which was unchanged from last week.

“President Obama spoke in a town hall meeting today about
credit cards and the unfair practice some companies use to
increase interest rates,”said Bill Hardekopf, CEO of
LowCards.com and author of The Credit Card Guidebook.
“This event was to coincide with the passage of the Senate’s
Credit CARD Act, but it appears the legislation may not
come up for a vote until next week. Obama has said he
wants to sign it in to law by Memorial Day.

“The credit card issuers have kept rates steady as they await
the final verdict on credit card reform from Congress. Some
people believe that the legislation may put some pressure on
issuers to raise rates to recover some of the income they will
be losing. But we feel this might not take place in light of the
extreme scrutiny they will be under as well as the strong
competition that exists in trying to obtain new customers.”

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 May 14, 2009. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.