Rising Incomes Stimulate Springtime Economic Growth - Other News


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Rising Incomes Stimulate Springtime Economic Growth

Rising Incomes Stimulate Springtime Economic Growth

The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

During the final quarter of 2012, the economy grew at a rate of 3%, contrasted with its sluggish 1.7% pace in the third quarter. So far this year the economic growth trend has continued, with the U.S. adding about 245,000 jobs since December and the unemployment rate slowly shrinking.

Orders for durable goods were up 2.2% in February, and orders for core capital goods rose 1.2%. Business investment looks like it will stay strong and companies are beginning to recover from the long recession.

Consumers may be feeling more confident about spending, as personal income increased about 5.1% in 2011, according to the U.S. Bureau of Economic Analysis. States with the highest increase in personal income include California, Texas, and Wyoming, while states that saw some of the lowest increases in income were Arkansas, Maine, Nevada, and Alaska.

Source: NAR, Comparing Q2 2010 & Q2 2011

Springtime Spending Spree, Anyone?

Perhaps of particular interest to consumers whose income is trending upward and find themselves with a little more disposable income to play with, Credit-Land.com has just released a survey on interest rates during the first quarter of 2012, with some interesting findings. Anyone who plans to blow a little dough, whether on a big purchase, gas for a road trip, or just some general spring shopping, would be well advised to pay for their purchases with a credit card that can give them something back for their money. Credit-Land.com`s APR survey can help people choose the best credit card to use, depending on what they plan to use it for.

And the Winner Is . . .

Gas credit cards, which often have a reputation for carrying high interest rates, actually have some of the lower rates around – the average APR in that category is 12.43%. Cash rebate cards carry a high average interest rate of 15.31%, nearly as high as premium card issuer American Express, which has an average rate of 15.54%.

Credit-Land.com`s “Best Credit Cards” category encompasses their top credit card picks for consumers with good to excellent credit history. These carry the lowest overall rates of the bunch, with an average APR of 11.29%, and reinforce the truism that having good credit history pays off. Consumers with high credit scores are able to quality for the lowest interest rates and the best deals out there from the credit card industry.

Some cards fall into more than one category for the sake of calculation. For example, the Discover More card is included in five categories: Best Credit Cards, Cash Rebate Cards, Gas Rewards Cards, and Discover Cards, because its rewards program delivers excellent cash back in all above categories; and its ongoing APR on purchases and balance transfers starts at 10.99%, after an introductory offer of Zero Interest Rate for 15 month.

Here are the highlights of the survey results – with average APRs in each category used by Credit-Land.com:

Average Interest Rates by Credit Card Category

Credit Category

Average APR

Best Credit Cards


Cash Rebate Cards


Frequent Flyer Cards


Point Rewards Cards


Gas Rewards Cards


American Express Cards


Chase Cards


Citi Cards


Discover Cards


Fantastic Plastic Showdown

Is it always better to go with the card that has the lowest APR? Although studies show that 70% of consumers say a low interest rate is more important to them than a rewards program, this isn`t always necessarily the best strategy. The ongoing APR of your card only matters if you carry a balance; if you have a card specifically for spending that you plan to pay off in full each month, then you won`t pay interest at any rate. When that card offers a cash rebate on purchases, there`s nothing to lose – and anywhere from 1% to 20% cash back to gain! Just decide whether you prefer to get the best rewards on gas or airline miles, in points or in cash.

A growing economy, lower unemployment, and increased personal income are all good news as the U.S. recovers from recession. As the first quarter of 2012 draws to a close we hope that the upward trend continues and there is more good news on the horizon.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

The Newly Revamped Hawaiian Airlines World Elite MasterCard

Posted: July 20, 2018

Vacationing in Hawaii can be a dream for many, and those with the recently upgraded Hawaiian Airlines World Elite MasterCard and Hawaiian Airlines Business MasterCard can earn miles towards a trip quicker with the cards newly revamped ... Continue reading
Getting Cash Back When Flying With Aerolineas Argentinas

Posted: July 19, 2018

There is a new Amex Offer on the table for people who are thinking about flying with Aerolineas Argentinas, giving them $100 in cash back when booking flights with the airline. To get the deal, travelers must spend $500 or more. Continue reading
American Express Cardholders Get Free Amazon Prime

Posted: July 18, 2018

If you have an American Express credit card you may find a special offer in your inbox, one letting you take Amazon Prime for a test drive for free for three months. This offer is available until July 23rd, 2018, or until 160,000 people ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!