According to recent credit card reports, financial services group and mortgage lender Halifax have recently increased their credit card rates. The increases were extreme, by as much as 5 per cent in some instances.
Reports filtered in from the credit card market that some customers had appealed against the decision and had their rate increases overturned, but the validity of these reports has not been checked.
Halifax increased that rates on their classic cards from 10.% to 15.9%. The One card rates also nearly doubled. The credit card rate increases were apparently essential for Halifax to stay in line with the market.
Earlier this year, credit card company Egg decided to close some 160,000 accounts . The pressure of the credit crunch is now spreading to the credit card market.
Halifax up credit card rates
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Halifax up credit card rates
Thu, 27 Mar 2008
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