Weekly Credit Card Rate Report May 21, 2009
The LowCards.com Weekly Credit Card Rate Report May 21, 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 11.64% this week which was slightly lower than last week at 11.65%.
The average credit card rate six months ago (November 20) was 12.01%.
Nine months ago (August 19), it was 12.03%
Here are the averages from the LowCards.com Complete Credit
Card Index for the previous ten weeks:
May 21 11.64%
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
The average cash advance rate for this week was 20.09%
which was slightly higher than last week at 20.08%.
“Now that the House passed the Senate’s version of the credit card reform
bill, it has been sent to President Obama for his signature,”said Bill
Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook.
“This is a good bill for consumers. But issuers will react to these changes
in order to maintain their revenues. We expect to see more increases in
credit card interest rates before this bill takes effect in February 2010.
At that time, issuers will not be able to raise rates on a new customer for
one year. So the introductory and ongoing interest rates will likely be
increased before February. And consumers are also likely to see
interest increases in their existing accounts during this period.”
The credit cards with the lowest interest rates in the nation this week are:
1. 3.25% Fifth Third Bank Platinum Prime MasterCard
2. 4.24% American Quarter Horse Association Business Credit Card
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
Rates may occasionally change due to the number of cards
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.