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Credit card interest rates climb higher

Credit card interest rates jumped this week, after Discover raised the rate on one of its business cards. But that wasn’t the only troubling news for those looking for a business credit card.

As a result of Discover's move, the national average annual percentage rate ( APR ) on new credit card offers rose to 14.85 percent on Wednesday, according to CreditCards.com Weekly Credit Card Rate Report. The change to our business cards category is the first of its kind in 2011. The last time we saw a change to the national APR average for business cards was in November 2010.

The jump comes the same day the Pew Foundation released a report that revealed that business credit cards -- which aren't subject to pro-consumer regulations of the Credit CARD Act -- are still filled with many of the same terms and conditions that the law outlawed for consumer cards.

"The sheer number of offers that are sent to homes all across the nation represents a risk to millions of American families," said Nick Bourke, director of Pew’s Safe Credit Cards Project.

Discover’s move Business cards are regulated differently than consumer credit cards and, typically, held to looser standards. The pro-consumer reforms included in the Credit CARD Act of 2009 do not extend to business cards. That means that millions of small business owners and commercial cardholders face practices that are banned from consumer credit card terms, including rate hikes without prior notification and unlimited late fees.

A report by the Pew Foundation, called " U.S. Households at Risk from Business Credit Cards ," took a look at that state of business cards today and found the following:

• Four out of five business cards' terms included a clause that reserved the right for the issuers to change account terms at any time with little to no notice to customers. Under the Credit CARD Act, 45 days' advance notice must be provided for term changes on consumer cards, barring major mistakes, such as being 60 days late with a payment.

• Eighty-four percent of business cards' terms allowed issuers to apply payments to balances with the lowest APR first when multiple APRs were present on the card. On consumer cards, the CARD Act only allows payments above the minimum to be applied to low-rate balances first.

• More than seven out of 10 business cards (73 percent) included a late fee, and the median amount of that fee was $39. The CARD Act says that those who make one late payment on a consumer credit card cannot be charged more than $25, though a second late payment within six months can bring a $35 fee. There are no such caps on business cards.

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