According to recent reports, credit card customers are being sent letters announcing rapid increases in credit card rates . The credit card industry has already been warned once by the Government to play it fair, but lenders are keeping a close eye on customers and hiking APRs where they feel it necessary.
Moneynet spokesman Andrew Hagger reportedly commented: "The trend to lure customers with attractive 0% deals continues unabated, but it's when the introductory honeymoon is over that consumers are being hit hard with a seemingly endless stream of rate and fee increases."
Egg are one credit card company to bump rates. Which? Money expert Martyn Saville reportedly commented: "The message from Egg is clear – pay up or go elsewhere. Egg is still advertising the same interest rate to new Visa customers as it was a year ago, suggesting it may be trying to clear out a swathe of non-profitable or higher-risk existing customers to make way for new ones."
Credit card rates increasing
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Credit card rates increasing
Mon, 23 Feb 2009
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