Card rates top 18%. Credit card costs continue to increase, despite an unchanging Bank of England lending rate.
The average APR offered by UK providers - including those for low rate credit cards - was found by a financial website to have risen above 18% over the past month.
This rising trend comes after the Bank of England embarked on an aggressive rate-cutting policy.
Today, the Bank confirmed that the rate would be held at its current level of 0.5% - the lowest-ever in the institution's history - for another month.
The lending rate stood at over 5% at this time last year.
In theory, reducing the Bank rate would have a knock-on effect on credit card deals.
However, Moneyfacts.co.uk, which conducted the research, suggested that other factors linked to the recession had pushed the APRs up over recent months.
Michelle Slade, analyst at the site, said: "Rising unemployment means that the risk of customers defaulting on their card repayments has increased, which is being passed on through higher rates."
She added: "Competitive credit card deals can still be found on the market, with 0% balance transfer deals available for 16 months and 0% introductory purchase deals for 12 months, but with the increased risk of default, only those with exemplary credit histories are likely to be accepted for the best deals."
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