The average APR on credit cards has increased despite recent cuts in interest rates by the Bank of England, new research shows.
Data obtained by MoneyExpert.com reveals that, in the past six months, the average rate charged on a credit card has increased from 16.56 per cent to 17.12 per cent for purchases.
The average rate for credit card balance transfers has gone up from 15.12 to 15.95 per cent, it also found.
Sean Gardner of MoneyExpert.com said: "Most of us would normally seek out a new zero per cent deal to tide us over the bad times, but with lenders playing a cautious game getting one of those cards is more difficult than it used to be.
"You'll need to convince the card company that you can afford to repay your debts ."
He added that the higher rates mean that people should be careful when sending on credit cards as interest charges will soon mount up.
Yesterday, a survey by Global Reviews found that 64 per cent of credit card applicants are turning to the internet in order to get the best possible deal.
News Side
Credit card rates on the up, study finds
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