Weekly Credit Card Rate Report October 16, 2008
The LowCards.com Weekly Credit Card Rate Report 10-16-08
The LowCards.com Weekly Credit Card Rate report is based on
our Complete Credit Card Index which tracks the rates of
1260 credit cards in the United States.
Our index showed that Annual Percentage Rates moved slightly higher
this past week. The average credit card rate for purchases was 12.06%
for the 1260 credit cards that are tracked by LowCards.com compared
to the 11.89% average for the previous week.
The average cash advance rate was 20.70% which was slightly
lower than the 20.71% from the week before.
The release today of tame inflation numbers and other weak economic
indicators from the Department of Labor increases the possibility of
another rate cut and lower credit card rates in the weeks to come.
Bill Hardekopf, CEO of LowCards.com added “It has been another volatile
week in the financial industry and I think we are all looking ahead to the
Fed Meeting on Oct. 28-29 to see where credit card rates are going. Oil has
been dropping and the chance of a recession has been increasing. That
could give the Federal Reserve enough reason to drop interest rates again
and that would bring down credit card rates. Credit card approval rates are
still tightening as banks try to improve the credit quality in their
The credit cards with the lowest interest rates in the nation this week are:
1. 5.00% SimplyCash Business Card from American Express
2. 5.00% Wells Fargo Prime Rate Visa Credit Card
3. 5.00% Nordstrom Platinum Visa
The LowCards.com credit card rate report is compiled weekly
using data from 1260 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 1260 credit cards
offered in this country.
The founders of LowCards.com have written a book called
The Credit Card Guidebook which helps clarify the confusing
world of credit cards. Consumers can download this book
absolutely free as a PDF or browse it online:
Created by Hampton & Associates, the company has been
analyzing the credit card industry and supplying objective
websites on various consumer expenses for eight years.