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CREDIT card users are paying average interest rates of 17.4 per cent after card providers piled the pressure on borrowers.
According to moneyexpert.com, the average rate of 17.4 per cent compares with 16.8 per cent in February, a hike of 0.6 per cent despite two Bank of England base rate cuts over the same period.
Over 70 cards now charge standard interest rates of 17.9 per cent or higher – up from 59 six months ago – with several over 40 per cent.
The range of rates has widened, with competitive offerings available, including the Barclaycard Simplicity at 6.8 per cent, alongside steep rates such as the 43.5 per cent charged by the BA Amex Premium Plus card.
Sean Gardner, director of moneyexpert.com, said that while homeowners were the most visible losers in the credit crunch, credit card users have been hit equally hard.
But he added: "There is still plenty of choice in the credit card market and a lot of competition."
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Saturday 26 May 2012
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