May 24, 2007
AUSTIN, Texas--(BUSINESS WIRE)--Credit card rates for all popular categories covered by CreditCards.com were again unchanged this week. However, the release of data showing an unexpected surge in new home sales suggested a long-awaited interest rate cut by the Federal Reserve may be less likely, potentially impacting credit card rates going forward.
Rates for major card categories tracked by CreditCards.com are listed below:
|Credit Card Rate Averages|
With most U.S. credit card interest rates following changes in the Prime Rate, central bank rate decisions can have a major impact on what American cardholders pay to borrow money.
Data released today showed that new home sales posted the biggest gain in 14 years during the month of April. A potential rebound in the housing market would contribute to the argument against a rate cut by the Fed, either at its upcoming meeting on June 27-28 or thereafter.
Even though consumers are unlikely to see any credit card rate relief over the Memorial Day weekend, those taking to the roadways can look forward to saving on fuel purchases when using rewards credit cards that offer rebates for gasoline purchases. Many rewards credit cards provide rebates of up to 5% on gasoline purchases, equating to a $0.15 savings on a $3 gallon of gas.
The CreditCards.com national weekly credit card rate survey is conducted each week using data from the leading credit card issuers in the United States.
Introductory offer periods and actual regular interest rates can vary depending on individual applicants' credit quality and issuer risk-based pricing policies.
CreditCards.com is the leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, www.creditcards.com, consumers can compare hundreds of credit card offers from the nation's leading issuers and banks, and apply securely online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards, offering news, advice, features, statistics and tools - all designed to help consumers make smart choices about credit cards.
NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to CreditCards.com.
Ben Woolsey, 512-996-8663, ext. 106
Director of Marketing