Best Credit Card Rates Averages for the Week of July 30, 2009

Aug. 5, 2009 - PRLog -- The national average for credit card rates was unchanged for the week ending July 30, 2009.  The composite average for all credit card categories held steady with an average credit card rate of 13.18%.  The composite average of credit card rates is comprised of seven categories of credit card offers with any introductory or temporary promotional credit card offers omitted.  

Of the seven credit card categories measured by bestcreditcardrates.com, one category saw a reduction in the average credit card rate on new credit card offers, one of the categories experienced an increase in the average credit card rate and the remaining five categories of credit card rate offers was unchanged week over week.  

Credit card category averages for the week July 30, 2009:

Cash Back credit card rates remained stable at 11.96%
Low Rate credit card rates dropped by one basis point to 10.63%
Business Credit Card rates were unchanged at 11.58%
Balance Transfer Credit Cards rates bumped up one basis point to 10.42%
Student Credit Cards rates were unmoved at 14.63%
Travel Credit Cards rates also remained unchanged at 13.34%
Secured Credit Card rates remained perched at 19.72%

Credit card rates leveled off for the week but had been climbing over the past three months.  Numerous explanations have been volleyed about on the driving force for higher credit card rates.  Though credit card rates have risen in 2009, the interest rate increases are not significant relative to the turmoil that has been an ongoing saga in the credit markets.  With at least this brief moment of stability in credit card rates this week, there doesn’t appear to be any discernible trend of significantly higher rates on standard credit cards that cannot be explained by the unusually volatile credit markets.  

Bestcreditcardrates.com is the leading industry tool to help consumers select the best credit cards and best credit card rates.  Bestcreditcardrates.com provides data on a variety of credit card offers to help consumers quickly find the best credit card to fit their needs.  Bestcreditcardrates.com achieves the goal of publishing detailed credit card information as well as in depth articles on credit card products and services.  To view all the credit card offers and articles visit http://www.bestcreditcardrates.com.  SelectRates Media, Inc the publisher of bestcreditcardrates.com also publishes http://www.selectcdrates.com and http://www.findlocalmortgagerates.com.

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SelectRates Media, Inc. of Naperville Illinois owns and operates http://www.selectCDrates.com along with http://www.bestcreditcardrates.com, http://www.selectautorates.com, http://www.findlocalmortgagerates.com and http://www.selectcalculators.com.