Qualified advisers answering your
Financial Questions
call 0800 092 1245

UK Credit Card Rates Continue To Rise

Despite talk of refloating the international money markets, of interest rates taking some of the pressure off the UK population a recent report has shown that credit card interest rates are still creeping higher. Despite base rates falling by 0.75% over the last six months the average credit card interest rate has actually increased by 0.5%.

The average rate on standard credit cards now stands at 17.12% with balance transfer cards currently around the 15.95% level. But this is not the end of the story.....

As the credit card companies come to terms with the double whammy of finance supply problems and the £12 late payment fee cap, it seems that they are looking elsewhere to recoup some of their lost income. We have seen a concerted rise in ‘other charges’ over the last few months such as charges for statements, etc as the finance companies desperately look for new income streams.

There are many consumer groups that believe the recent investigation into the banking sector has caused more harm than good with many companies now increasing charges elsewhere to make up for the short fall in late fee income. It looks as though we are on course for a cat and mouse game between the finance sector and the regulators as the ‘playing fields’ continue to move.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details