Several recent reports show the economy may not be recovering as fast as some experts had believed. The net number of new jobs created in March decreased sharply from the number in February. Also, the GDP has dropped to 2.2% in the first quarter of 2012, which is down from 3.0% growth in the last quarter of 2011.
If the economy continues to slow, it could raise credit quality concerns and rates could begin to rise. Consequently, consumers with rewards credit cards saw their rates jump to 17.76%.
However, rates on non-rewards cards remained the same at 15.11%. That put the average rate at 16.97%. This is the second consecutive survey to show a widening in the difference between rates for rewards and non-rewards cards.
Much depends on the economy, and credit card rates will follow suit. If the economy continues to slow, it could be harder for those with average or below average credit to get a credit card with affordable rates.