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Credit Card Rates Continue Rise

?Top-level? consumer credit cards averaged a 9.97% Annual Percentage Rate (APR), up from 9.91% last week and 9.51% eight weeks ago. Index Credit Cards uses ?top-level" to describe Platinum or similarly designated credit cards that generally offer the lowest interest rates to eligible cardholders.

According to Index Credit Cards weekly Credit Card Monitor, Average credit card rates rose for the eighth straight week, and more increases are expected. Consumer reward credit cards offered an average 11.27% APR, up from 11.23% last week and 10.75% eight weeks ago. Average student credit card rates crossed the 15% line, to 15.03%, up from 14.98% last week and 14.72% eight weeks ago.

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. Consumers and small business people with average credit should expect rates about 2% higher than those quoted here.