Credit Cards ExpressThe Right Card for You! Great Offers from Credit Cards Express!

The interest rates being offered on credit cards have remained steady for weeks without undergoing any changes, despite being high. The average APR on credit cards remained at 14.97 percent for the second straight week. This is the highest average APR that has been reported since 2007. This year, right from the last week of August, the interest rates have either recorded new highs or equaled the highest calculated in the last couple of years.

Cabela’s credit card was the only one that brought about a change in the rate of interest. The higher end of the interest rate offered by this sports retailer on their credit cards was 18.21 percent which has now been changed to 18.23 percent. The lower end of the interest rate on this card remained unchanged at 9.99 percent. Since only the lower range of the interest rates on credit cards is used to calculate the national average, the average APR nationally remained unchanged despite the change in the top end APR of this card. K

Read more…

For right now it seems most credit card companies are holding on their interest rates. The interest rates are fairly high on most credit cards as is, but it does not look like they are increasing the average or typical rate at the moment. The first week of 2011 has shown interest rates on credit cards at 12.589 per cent. This is unchanged from the week prior and the end of 2010. The question is, how can you obtain such a low rate?

A lot of the credit cards you see on comparison sites are in at 11.9 per cent at the very least in order to tempt you towards getting the card. However, the average credit card rate is not always what one is awarded. According to recent studies many have high debts to income ratio, which means 11.9 per cent or 12.5 per cent is often out of the question.

Credit cards are always going to be based on risk regarding credit worthiness, history, and scores.

Read more…

By now, you’ve probably seen or heard that mortgage rates are at or near record lows.

While this is true, it doesn’t mean everyone out there qualifies for a record low mortgage rate.

The low, low mortgage rates you see advertised on television and elsewhere always assume you have an excellent credit score.

In other words, 720 and above, or even 760 and above in some cases.

I recently came across a credit score table from Fico®, the inventors of the Fico score, which illustrates the difference in mortgage rate at different credit scoring levels.

As you can see, a credit score between 760-850 qualifies for the lowest rate, which is a rather arbitrary 3.954% APR (I say arbitrary because a bunch of other factors affect mortgage rates as well).

But we can still pull some value out of this table by looking at the other credit scores and associated mortgage rates.

For example, if your credit score is 620 (what I consider a bad credit score), your mortgage rate shoots up to 5.543%.

That’s more than one-and-a-half percentage points – on a $300,000 loan amount, the difference in monthly payment is nearly $300!

So always be sure to check your credit report months before even thinking of applying for a mortgage to avoid any unexpected surprises and unnecessary rate increases.

Remember, the difference between a good credit score and a bad credit score could be enough to kill your hopes of getting a mortgage altogether!

Tip: How to raise your credit score.

Credit card interest rates are affected by four different factors. These are credit rating, debt to income ratio, employment history and repayment history. Interest rates are normally connected with the US Prime Rate, the common national rate standard provided by the Federal Reserve Board or FRB. Your interest is being computed at the end of a billing statement period. This varies from one credit card holder to another. This will then be charged to you at the last day of your statement period. If you are good in managing credit, your credit card interest rates will be definitely lower.

Credit card companies look into your financial background when computing for interest rates. If you are in the habit of paying late, your interest rate might be increased. However, for some, they wonder why their banks increase rates on bills even if they are paying on time always. This may be because their credit scores fell in the past few months because of various reasons.

You are advised to take credit management seminars to know more about how debts and credit card interest rates work.

Read more…

The Reserve Bank of Australia has raised it’s interest rates, making Australia the first developed nation to reverse protective economic measures that were put in place as a result of the Global Financial Crisis.

The RBA raised the official cash rate to 3.25%, which for the average Australian with a $300,000 mortgage, will add an extra $40 in mortgage repayments per month.

Not all is negative about the announcement. The fact that the Reserve Bank has raised interest rates is a sign that they have a positive outlook for the Australian economy. In fact, as a result of the news the Australian dollar soared, with investors gaining confidence in the Australian market.

”The global economy is resuming growth,” RBA Governor Stevens said. ”With

Read more…