Credit Card Rates Remain Stubbornly High

June 24, 2010 - PRLog -- While bank rates continue to move lower, credit card rates for new credit card offers have remained stubborningly high.  The most recent survey of the best credit card rates performed by Bestcreditcardrates.com showed that the average credit card rate ratcheted higher while bank savings rates and other lending rates have moved lower.  

The average credit card rate covering all categories of credit cards measured in the survey was higher by one basis point, rising to 13.23% from 13.22% in the previous week.

Credit card companies have increased their promotions of variable rate credit cards that are based on the Prime Rate.  While the Prime Rate has not moved in the last year, credit card rates have gone up rather measurably.  The rate increase is not a reflection of the Prime Rate but rather a change in the margin added to the Prime Rate used to determine the effective credit card rate on the card.

The national average credit card rate includes the rates on credit cards from some of the largest credit card companies in the U.S. in seven different credit card categories including; low rate credit cards, cash back credit cards, balance transfer credit cards, student credit cards, business credit cards, travel credit cards and secured credit cards.  

The majority of the credit card categories experienced no change in rate, while one category was higher and one lower.  Cash back credit cards, balance transfer credit cards, student credit cards, business credit cards and travel credit card rates remained stable.  Low rate credit card rates moved up and secured credit card rates dropped slightly.

At http://Bestcreditcardrates.com, consumers can view credit card offers by category including low interest rate credit cards, business credit cards, cash back credit cards, prepaid credit cards and more to find the best credit card with the best credit card rate fit their needs.  

Credit card rates included in the weekly survey excludes temporary introductory credit card offers.  For tiered credit card rates offers, the lowest tiered rate is used for the survey.

Bestcreditcardrates.com provides the information on current credit card offers as well as other credit card reviews and resources to help consumers choose the best credit card with the best credit card rate.

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Bestcreditcardrates.com is part of the SelectRates Media, Inc. family of personal finance websites. SelectRates Media, Inc. is the recognized leader in personal finance and consumer rate web sites. Other sites published by SelectRates Media, Inc. include http://www.selectcdrates.com and http://www.freecreditscorehelp.com.