The CreditCardOffer.cc site features very specific categories, like 'the best airline frequent flier consumer credit card' and 'the best business cashback rewards credit card.'
Philadelphia, PA (PRWEB) August 01, 2008
The publishers of the new credit card website at FedPrimeRate.com describe the site as a place where consumers can go to find the best credit card deals available on the Internet. The credit cards featured on the site are not selected based on weak criteria. The site's creators have selected the best cards from a network of established credit card websites. The "best" cards are chosen based on a card's popularity (number of applications), approval ratios, customer feedback, a card's rewards program and its terms & conditions.
"We understand that most credit card consumers are both intelligent and discerning. That's why we aren't going to insult anyone's intelligence by providing links to 'the best business credit card' or 'the best consumer credit card,'" said Steve Brown, who manages the FedPrimeRate.com website. "The FedPrimeRate.com site features very specific categories, like 'the best airline frequent flier consumer credit card' and 'the best business cashback rewards credit card.'"
The site isn't going to win any beauty contests, but the design is very practical, with a strong emphasis on website navigation. The site features an online poll, a blog and an email contact form that visitors can use to contact the publishers of the website efficiently.
"It's a great time to get a credit card. The Prime Rate is as low as it's going to get this year," noted Brown.
Most variable-rate credit cards are indexed to the U.S. Prime Rate, which is currently at 5.00%. When pricing a credit card, i.e. setting the card's various annual percentage rates (APR's), a bank will usually start with the Prime Rate, then add a margin. Many factors play a role in setting the margin. For many credit cards, the bank will have 3 or 4 distinct APR's associated with new credit card purchases, based on the applicant's credit rating: the better the applicant's credit score, the lower the APR the applicant will enjoy.
The Federal Reserve has been lowering short-term interest rates, including the U.S. Prime rate, since September 2007, in an effort to spur economic growth and foster confidence in domestic and international money markets. Now that inflation has become a serious concern for Federal Reserve economists, the Prime Rate will almost certainly remain at its current level or rise between now and Christmas, according to current forecasts.
"Consumers who are currently shopping for a new credit card should make sure that their credit score is healthy before applying. The global credit crunch and sagging economy are still causing much pain for many financial institutions; the credit card banks have been responding by raising their lending standards," said Brown.
The subprime-mortgage-crisis-inspired credit crunch that has contributed to the economic slowdown and may persist into 2009, has prompted most banks in the United States to be much more careful with lending. Seasoned economists the world over are currently debating whether we are right now at the beginning of the end for the credit crunch, or the end of the beginning.
Brown explains that having a good credit score not only gets the applicant the best possible credit card deal, it also reduces the likelihood that a bank will arbitrarily raise a cardholder's interest rate, or lower their credit limit, at some point after a credit card account has been established. Having a strong credit history also reduces the likelihood that an application will be rejected, and rejections invariably lead to a lower credit score.
"The banks are being cautious these days, but there are still lots of great credit deals to be found, if you know where to look," Brown added. "At FedPrimeRate.com, we've done all the work, and made it easy for consumers to find the best of the best."
The website at FedPrimeRate.com is the Internet’s premier information space dedicated to interest rates and personal finance.
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