The latest Reserve Bank credit card figures show that persistently high credit card interest rates are encouraging consumers to reduce their revolving balances.Credit card balances accruing interest fell 2.4 per cent in March - down from 35.8 billion in February to $35 billion in March. Over the 12 months to March balances accruing interest have fallen by four per cent.The number of cards on issue has increased from 15 million to 15.2 million over the past 12 months, so the average balance accruing interest for each card account has fallen by 5.7 per cent since March last year.Since May last year the Reserve Bank has cut the cash rate five times, for a total reduction of 150 basis points. During the same period the average credit card interest rate has fallen from 19.7 per cent to 19.55 per cent - a reduction of 15 basis points.The average rate for so-called low rate credit cards has fallen 20 basis points to 13.15 per cent over the same period.Consumers have continued to spend on their cards, while reducing their revolving balances. The value of purchases rose from $20.18 billion in in February to $20.24 billion in March.