Credit Card Rates for June 26, 2009 from Bestcreditcardrates.com

June 30, 2009 - PRLog -- Credit card rates were mostly unchanged for the week ending June 26, 2009.   The annual percentage rate for all credit card offers was down just one basis point or 1/100 of a percent to end the week June 26, 2009 at 13.17%.  The credit card rates on new credit card offers was down on two out seven credit card categories, remaining unchanged for five of the categories.  The rate reductions on those credit cards that did step down were almost indiscernible.  

Low rate credit cards fell one basis point for the week to close out at 10.11%.  Travel credit cards also experienced a drop in the average credit card APR for the week, nudging off of last week’s average of 11.73% to end this week at 11.72%.  Interest rates on cash back credit cards, balance transfer, student credit cards, business credit cards and secured credit cards were unchanged for the week.

Credit card rates are holding steady even though most bank rates have been dropping throughout the year.  Treasury rates and mortgage rates have continued to gyrate fairly widely in the past several weeks with mortgage rates rising notably but moderately and Treasury rates moving up only slightly.  All the while, bank deposit rates including savings account and bank CDs have been dropping measurably.

Based on this drop in cost of funds for bank credit card issuers, that is the reduction in rates on bank deposits; one may expect to eventually see a reduction in credit card rates.  However, with limited access to securitization of credit card receivables and the increased delinquency rate in credit card portfolios, a significant reduction in credit card rates is not likely in the foreseeable future.

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