Birmingham, Alabama, -- Our index showed that Annual Percentage Rates for credit cards moved lower this past week. The average credit card rate for purchases was 11.95% for the 1260 credit cards that are tracked by LowCards.com compared to the 12.01% average for the previous week.
Here are the averages from the LowCards.com Complete Credit Card Index for the previous ten weeks:
Nov. 6 11.95%
Oct. 30 12.01
Oct. 23 12.03
Oct. 16 12.06
Oct. 8 11.89
Sept 30 12.13
Sept 23 12.14
Sept 16 12.12
Sept 9 11.99
Sept 1 12.00
Aug 26 12.02
The average cash advance rate moved lower as well. The cash advance was 20.72% which was lower than the 20.77% from the week before.
The cut in rates by the Federal Reserve are finally making their way to the credit card rates. The lowering of credit card rates may signal that the credit market is finally starting to loosen some after the great credit crunch of 2008.
Bill Hardekopf, CEO of LowCards.com added, "The prime rate is now at one of its lowest points in history. We have seen three straight weeks where the average rate has decreased, although the decreases are slight. This could be the first indication that banks are seeing some small relief to the credit crunch. We may see issuers try to add new accounts to their portfolios by using the lower rates that the Fed gave them."
The credit cards with the lowest interest rates in the nation this week
are:
1. 4.50% Wells Fargo Prime Rate Visa Credit Card
2. 4.50% Nordstrom Platinum Visa
3. 5.00% SimplyCash Business Card from American Express
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 available here:
http://www.lowcards.com/
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
( http://www.lowcards.com/
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:
http://www.lowcards.com/
Created by Hampton & Associates, the company has been
analyzing the credit card industry and supplying objective websites on various consumer expenses for eight years.
For more information, contact Bill Hardekopf at
1-800-388-1910 or billh@LowCards.com
NOTE TO EDITORS: The information contained in this release
is available for print or broadcast with attribution to LowCards.com.
Press Release Submission By PressReleasePoint
contact:
Bill Hardekopf
LowCards.com
Birmingham, Alabama
1-800-388-1910
billh@lowcards.com
http://www.lowcards.com
