Interest rates on credit cards increased after Barclays raised their rates on two of their cards. APR's on new credit cards rose to 14.71%, this week, as per reports by Credit-Land.com. This has been the second increase since November 2010, and the national average has now been pushed to the fourth highest level, since mid 2007.

Interest rates hike has largely been caused by the recent rise on two of Barclay's rewards cards. The Airways Premier World MasterCard, issued by Barclays, has increased from an average 15.24% to 15.99% to approximately 24.99%.

The APR on the Visa Black Card has increased from 13.24% to 14.99%, making it more expensive when compared to the national average. Its annual fee of $495 is one of the highest in the industry.

However, Barclays is not the only bank to raise interest rates on their reward cards. There are many other popular rewards cards that have become more expensive. As per reports by Credit-Land.com, in the last six months, at least 20 out of 58 rewards cards have dramatically increased the top end of their APR's by a higher percentage.