RENEE MONTAGNE, host: NPR's business news starts with credit card rates going up and up.</s>RENEE MONTAGNE, host: New rules for the credit card industry went into effect this weekend, and banks were prepared. The new regulations limit penalty fees on top of an earlier change that kept banks from raising interest rates without advance warning. To offset this loss in revenue, banks are simply charging more for their credit cards.</s>RENEE MONTAGNE, host: This morning's Wall Street Journal reports that the average rate is now 14.7 percent, the highest in years. This rise in credit card cost comes as many other interest rates, including mortgage rates, are at historic lows.
New rules for the credit card industry went into effect Sunday. The regulations limit penalty fees — on top of an earlier change that kept banks from raising interest rates without advance warning. To offset this loss in revenue, banks are simply charging more for their credit cards.