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PPI: Credit card rates hit eight year high

Credit card interest rates have reached their highest level for eight years, it has been revealed.

Moneysupermarket.com has found that the average credit card rate charged last month was 16.69 per cent – the highest level since February 2002 when lenders offered rates of 16.94 per cent.

The charge is 33 times more than the Bank of England base rate, which has been frozen at the historically low rate of 0.5 per cent for the past 16 months.

Kevin Mountford, head of banking for moneysupermarket.com, claimed customers will be disgruntled by the fluctuation in credit card rates when the base rate remains stable.

"The banks are balancing their books but this isn't working in favour of the customer. The banks will push the pricing as far as they can. People can only vote with their feet by actively seeking out the best product for them," he said.

Customers who use the RBS Classic, Ryanair and Thomas Cook credit cards are charged the highest rates, as all three cards carry an APR of 19.9 per cent.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-800002614-ADNFCR



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