Weekly Credit Card Rate Report May 7, 2009

Weekly Credit Card Rate Report May 7, 2009

May 7, 2009         Written By sitemanager

The LowCards.com Weekly Credit Card Rate Report 05-07-09

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 11.65% this week which was slightly higher than last week at
11.61%.

The average credit card rate six months ago (November 6) was 11.95%

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

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
Feb.11 11.51

The average cash advance rate for this week was 20.08%
which was slightly higher than last week’s rate of 20.04%.

“Issuers seem to be waiting to see what happens with the
credit card reforms currently being discussed in the Senate,”
said Bill Hardekopf, CEO of LowCards.com and author of
The Credit Card Guidebook. “Credit card reform will take
place at some point and issuers will be forced to make some
significant and long overdue changes. The banking industry
claims these changes will lead to higher rates for all consumers.
But these reforms should be good for consumers and lead to
lower overall rates for us all. But issuers have the ability to
increase rates right now before these reforms take effect.

“It seems that is not happening on the advertised rates for
new customers. Issuers want to keep these rates as low as
possible since it’s such a competitive industry. But once you
are a customer and you show any signs of increased risk,
your rates will go up immediately–and usually fairly
significantly–in this new economic environment. That is
where we are seeing the most common increases occurring.”

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 7, 2009. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


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