A 1.5% interest cut from the banks will not affect the credit card industry with many companies warning consumers to not expect any repayments to fall in the near future.  

According to data released by Moneyfacts consumers may have to look forward to paying an average APR of more than five times the base rate figure set by the Bank of England at 5%

"I doubt we will see lenders cutting rates on credit cards," said spokeswoman Michelle Slade. "Usually lenders only cut rates to attract customers. The Co-operative Bank is the only lender that currently offers cards with an APR directly linked to the Bank of England base rate.