Back then, the average card rate was 17.7%, but it is now 21.5%.
At the start of November, the typical credit card rate was about $1.34.
The margin between the cash rate and the average credit card rate is now the widest since records began in 1990, according to RBA statistics.
For example, the Federal Reserve cut rates 11 times last year to bolster the economy, but the spread between the prime rate and the standard variable credit card rate went up before it stabilized.
According to financial information website Moneyfacts, the average credit card rate has been edging upwards in the years since the base rate fell to a record low of 0.5% in 2009.
And Barclay's newly revealed numbers make interesting reading, on its Platinum Balance Transfer card for instance the advertised representative APR is 18.9 per cent but this can rise to 29.9 per cent – akin to a store card rate – if your credit rating is not high.
According to the Pew Safe Credit Cards Project, the median lowest advertised credit card rate rose to 11.99% in July from 9.99% in December.
But other likely legislation from Washington, like Barney Frank's pledge to end credit card rate hikes on unsuspecting customers, will spell trouble for many banks, especially large card issuers like JPMorgan and American Express.
