The average advertised interest rate for credit cards in the U.S. has risen to 13.7% from 11.64% in May 2009, before the legislation was passed, according to Bill Hardekopf, chief executive of LowCards.com, a Web site that tracks the industry.
They often must apply for a loan to see if the attractive rateadvertised on a lender's website is the one they will actually receive, says Mr. Kantrowitz.