Financial Services > Credit Cards > Credit Cards News

Credit card rates continue to increase

Wed, 13 Aug 2008

The average rate on a credit card is now 17.4 per cent, new research shows.

According to figures released by MoneyExpert.com, the average standard rate on a credit card has increased by 0.6 per cent since February this year, despite the Bank of England base rate being cut twice in this time.

Sean Gardner, director of the price comparison website, said: " Homeowners have been the most visible losers in the credit crunch but credit card customers are also sharing the pain."

However, there is still a large range of choice in the credit card market, so consumers who find themselves on a higher rate should shop around to see if they can switch to a better deal, he added.

Yesterday, Michelle Slade, analyst at Moneyfacts.co.uk, urged credit card customers to switch to a zero per cent balance transfer deal if they could.

This will help them save money when paying off their debt, she explained.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

BT credit cards

Best selling 0% BT cards

Compare the best selling 0% balance transfer credit cards.

Best selling balance transfer cards