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Chase move sends credit card interest rates higher

Interest rates on new credit card offers, already near record heights, continued their slow, steady climb this week, according theCreditCards.com Weekly Rate report.

Spurred by an increased rate of Chase, the average annual rate (APR) on new credit card offers rose 14.73% on Wednesday. This is the eighth consecutive week as interest rates rose or remained unchanged - the third longest since CreditCards.com began tracking rates in mid-2007.

Chase, Citi adjust rates Chase raised the lower end of the range in April on the map slate of 11.24% to 11.99%, prompting the national average to rise.The bank also lowered the top end card of 22.24% to 21.99%. CreditCards.com because only uses the lowest card in their calculations, April reduced the slate card, at its upper end - offered consumers a credit less-than-stellar - has no impact on the national average.

In response to a request for comment on the change card this week, Chase spokeswoman Gail Hurdis said: "Our prices reflect a multitude of factors that are relevant to our business, and we adjust it from time to time that we believe it is appropriate for consumers and business."

Other banks took significant steps this week as well. Citi has raised the upper end of April of the band mtv U Platinum Select Card and the Citi forward by one percentage point each. Both cards have a range now of12.99% to 20.99%, up 12.99% to 19.99% the previous week. Citi has also extended from seven months to 12 months the period during which the new holders can enjoy 0% APR Citi Forward on new purchases. Meanwhile, the promotion period increased Discover 0% balance transfer card Discover Open Road from 12 months to 18 months.

Fed:Credit loosened in the last quarter of 2010, but is still tight This week's mixed findings on card offers were preceded by anew survey from the Federal Reserve that showed that credit cards are becoming easier to get, but they are not always consumer friendly.  

On Jan. 31, the Fed released the quarterly Senior Loan Officer Opinion Survey , which said that a significant number of banks loosened credit in the fourth quarter of 2010, underscoring a trend that began earlier in the year. According to the survey, 12.5% of banks said that they made it easier for new cardholders to obtain credit in the last quarter of 2010, the same number reported in the third quarter of 2010. It's worth noting, however,that although five of the country's larger banks said that they relaxed credit standard son new card applications, none of the smaller banks had.