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Nationwide up credit card rates

Fri, 27 Feb 2009

Nationwide has increased the interest rate on its credit cards by up to two per cent.

Those who have one of the lender's Gold credit cards will see their rate hit 16.9 per cent a year, while those with a Classic card will now pay 19.9 per cent.

According to the building society, an increase in credit card rates was needed to "bring it into line with the rest of the market".

People who opt to use their credit card overseas will also face a currency conversion charge imposed by Visa, this equates to £4.20 for every £500 spent.

Yesterday, David Thompson, a Scottish National Party MSP, expressed his anger at the cost of some credit cards.

He claimed that credit card rates are "outrageous" and called for a government cap to be introduced on them.

This would stop credit card firms from charging people "extortionate rates" to borrow money, he stated.
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