When President Obama signed legislation that restricts many credit card company practices that consumer groups have long complained about, bank executives said it would force them to raise interest rates across the board.
That might be happening.
According to IndexCreditCards.com, which tracks the industry, credit card rates hit an 18-month high in July. The Web site’s review of rates offered by issuers including American Express, Bank of America, Chase and Citibank found that the average rate on consumer cards was 14.94 percent, more than a full point higher than in March.
The Web site also notes that the average rate for consumer cards with rewards programs was 15.32 percent, compared with 14.04 percent for non-rewards cards.
The Washington Post