The rates on the credit cards have begun the northward trend with Discover increasing the rates on the small business credit cards it offers. This move by Discover has increased the national average APR for all new offers being rolled out by various banks. This is the first change being made to the small business credit cards in the current year. The previous time the national average APR for small business cards changed was in the final quarter of 2010.

The increase in the interest rates for small business cards took place on the same day that the Pew foundation publicized the study which revealed that the small business credit cards being offered by major credit card lenders in the country are not covered by the regulations of the CARD Act.

The director of the Safe Credit Cards Project for Pew, Nick Bourke, has said that the fact that small business card offers are being sent to all households in America significantly increases the risk of potentially high credit card debts.

The primary reason for the increase in the credit card interest rates was the move by Discover. The interest rates on their cards which hovered between 10.99% and 18.99% before the increase went up and currently vary between 12.99% and 19.99%. No spokesperson from Discover responded when they were asked about the increase in the interest rates.

Small business credit cards are different from consumer credit cards and they are not governed by strict standards. Since the regulations of the CARD act are not applicable to them, lenders have a free hand in increasing the interest rates and other charges.