Credit Card Application

Average Credit Card Rate Tops 13 Percent

Cleveland, OH (PRWEB) February 2, 2006

Tuesday’s hike in federal interest rates — the fourteenth straight hike from the Federal Reserve — helped push the average credit card interest rate past the 13 percent mark, according to the weekly IndexCreditCards.com Credit Card Monitor. Major credit card issuers including Bank of America, Citibank, National City, US Bancorp and Wells Fargo announced increases in their lending rates in response to the Fed hike, meaning another quarter-point bump for holders of these issuers’ variable-rate credit cards.

Variable-rate credit cards offer interest rates based on a formula that includes a base rate plus a percentage tied to federal lending rates. When federal rates move up, credit card rates follow.

The average credit card rate for standard, non-reward credit cards jumped to 13.02% this week, while the rate for credit cards offering rewards passed the 14 percent mark, to 14.09%. The news is better for consumers with the very best credit — for them, these averages are 10.28% and 11.61%, respectively.

As always, college students who carry balances are paying more. The average APR for a student credit card moved to 15.59% this week.

For the first time in five weeks, the average business credit card rate also increased. However, the rise was slight, and business card rates remained far below consumer rates. Standard business credit cards offered an average APR of 11.37%, while business reward credit cards offered an average rate of 13.22%.

“It’s unclear whether the Fed hikes are over,” says Justin McHenry, Research Director for IndexCreditCards.com. “With Ben Bernanke officially taking over for Alan Greenspan as Federal Reserve chairman, predictions are varied as to his philosophy. However, most experts think we’ll see at least one more quarter-point hike in March, so if you’re carrying a variable-rate credit card, now’s the time to get it paid off.”

Financial institutions represented in the survey include Advanta, American Express, Bank of America, Capital One, Chase, Citi, Discover, MBNA, National City, Providian, Pulaski Bank, U.S. Bank, Wachovia, Wells Fargo and more.

About IndexCreditCards.com

IndexCreditCards.com offers credit card news, research, and perhaps the most comprehensive index of credit cards available on the Internet today, with a master listing of over 700 credit cards as well as categorized lists based on interest rates, reward programs, business credit cards, student credit cards and credit cards for those with poor credit histories.

Credit Card Monitor is a weekly survey tracking average credit card rates in multiple card categories. Credit Card Monitor information provided in this release may be reproduced free of charge, provided credit is given to http://www.IndexCreditCards.com.

Contact: Justin McHenry, 216.221.0312, j.mchenry @ indexcreditcards.com

Website: http://www.IndexCreditCards.com

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Related Credit Card Press Releases

CardHub.com Redefines the Way Consumers Find Credit Cards

Card Hug lobo

Arlington, VA (PRWEB) July 15, 2008 -–

At a time when every penny counts, finding the right credit card, with the right terms, has never been more important. However, according to the Government Accountability Office, understanding these terms has gotten even more difficult. In its 2006 report, the GAO found that the practices of credit card companies to inform consumers of the costs and terms associated with credit “have serious weaknesses that likely reduced consumers’ ability to understand the costs of using credit cards.” With better tools and information, consumers can better manage this credit environment.

Today, Evolution Finance launched CardHub.com, a first-of-its-kind credit card search tool that redefines the way people search, compare and apply for credit cards. Founded by Capital One veteran, Odysseas Papadimitriou, Card Hub is designed to put financial control back into consumers’ hands by clearly and easily displaying the terms and benefits of major credit cards, including Visa, MasterCard, American Express, and Discover.

Finding Credit Cards Becomes Simpler with Dynamic Searching:

Today’s credit card sites provide information in silos. For example, for consumers who want to find airline rewards cards that also have a 0% introductory rate, most sites will not allow them to customize and view these cards on one page. Instead, consumers have to visit separate pages about airline rewards cards and 0% introductory rate cards. The information is difficult to customize and often too complex to understand.

Card Hub provides a search tool that lets users find and compare all major credit cards in a dynamic and highly interactive way. In one search, users can customize their results by indicating their credit history, personal or business needs, interest rate limitations, reward preferences, and more. With every click, the search results update on their own to display credit cards that meet the user’s preferences. Rather than making a choice, clicking a search button, waiting to see results, and then doing it over again for multiple searches, users of Card Hub see their results automatically as they refine their search criteria.

In addition, the same technology that produces the highly customizable search results offers the ability to conduct simple side-by-side card comparisons by only focusing on the features that are the most important to them. After consumers select a credit card, they are directed immediately to the credit card company’s secure Web site where they can easily apply for the card they have chosen.

“Consumers deserve a better experience when they make financial decisions,” said Odysseas Papadimitriou, CEO and founder of Evolution Finance. “The hidden fees and penalties in the credit card market have caused serious problems for both borrowers and lenders. We built CardHub.com to do something that doesn’t exist in the market today: make it easy for people to find the card that will truly save them the most money and offer them the best rewards.”

Exposing the fine print of Credit Cards:

In addition to providing a simpler and more interactive search experience, Card Hub also makes the fine print of credit cards more transparent. Visitors to the site can view detailed information about the terms and conditions in an easy-to-understand format. Hidden rates, such as Default APRs (Annual Percentage Rates) that can be 20% higher than Introductory APRs, become easy to see as the user browses through the results of their custom tailored credit card search.

Furthermore, a detailed page about each card provides unbiased information about the card, including most of its fine print. Rather than having to click through several pages to learn about a card’s hidden fees, the information is apparent on one page. Complicated fine print is also broken down into simple explanations that give users the ability to make educated financial decisions.

Providing Credit Card Education from Industry Veterans:

Card Hub’s Credit Card Education Center further empowers consumers with the knowledge they need to make better financial decisions. The center is written by industry insiders with consumers’ best interests in mind. Users can find comprehensive information on a number of credit card topics, from the basic, such as how credit cards work, to the more complicated, such as how to avoid getting trapped with balances at high interest rates. The center is organized to help users easily browse information, and search for specific answers to questions. It also provides tips and warnings.

“When it comes to managing credit card spending and debt, the process has become overly complex and confusing for consumers,” added Papadimitriou. “Now, more than ever, we need to shed more light on this industry. By giving consumers the tools to make better financial decisions, we are giving them more power in the process.”

About Evolution Finance and CardHub.com:

Founded by Capital One veteran, Odysseas Papadimitriou, Evolution Finance was created out of a passion to give more financial control to everyday people. Card Hub, its first site, is a first-of-its-kind credit card search tool that redefines the way people search, compare and apply for credit cards. More information can be found at http://www.evolutionfinance.com and http://www.cardhub.com.

Evolution Finance Media Contact:

Lynn Johnson

703.722.0601

media @ evolutionfinance.com

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Attachments

©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

More Apply Credit Card Press Releases

Question by Dee: how can i apply for credit card for i m earning less?
i need credit card so that i can pay on line, but im not qualified to apply for credit, what do you suggest?

Best answer:

Answer by wifey.ecko
get a debit card instead! your bank should be able to give you a visa or solo card (various others) that is linked to your bank account and you can use it online. im with natwest and have a solo card that i use for online payments.

What do you think? Answer below!

Question by bada_bada: Can i apply a credit card during my job probation period?
i’ve got a job but now it’s still in probation period (3 months long). since i’m not a permanent staff can i apply a credit card? my salary per month has reached the requirement of most banks.

Best answer:

Answer by cholley_dooo
sure, apply if you get turned down call the number they give you with the rejection letter and get your credit report so you can review it for accuracy

What do you think? Answer below!

Question by letlet: Im from philippines,where i can apply credit card without any documents needed?
Im from philippines,where i can apply credit card without any documents needed? I only earn Php 110,000.00+ annual salary. And have no phone landlines……thanks

Best answer:

Answer by Me2
You don’t need documents for a credit card. Name, address, workplace, income per year. That usually does it.

Give your answer to this question below!