Falling interest rates Falling interest rates
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  1. #1

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    Default Falling interest rates

    Not on credit cards they ain't:

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    Credit card borrowers pay the price as lenders struggle to make a profit

    Millions of credit card borrowers are being made to pay for the troubles of the banks through higher interest rates on their plastic.

    Lenders have increased interest rates on 18 popular cards since the start of this year, even though the base rate has remained steady at 0.5 per cent. This compares with only four increases on cards in the first four months of last year.

    The analysis, by data provider Moneyfacts, shows the average interest rate for purchases on credit cards is 19.1 per cent, the highest for 13 years.

    More from the source: Credit card borrowers pay the price as lenders struggle to make a profit | Mail Online

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    WTF, can't make profit on paying savers 0% and using that money to lend under 20%?!?!

  2. #2

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    This is a poor thread. Basically if you're one of those people who don't pay off your credit card then yes, it's going up.

    If you're one of those people(like me) who uses credit cards to borrow money over 12 - 18 months at low interest rates, then it's gone down. About 2 - 2.5% for 15/18 months at the moment.

    Money goes to money.
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  3. #3

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    True MF. The use of credit cards is optional.

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    I love my AMEX credit card - I get cashback from it, and can get the bill paid automatically by dirct debit.

    Boomed

  5. #5

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    I'm making approx £700 for this year on money borrowed from credit cards and have accumulated £350 of Tesco's vouchers in the last 12 months, coupled with an extra 30000 airmiles.

    Just wish I had time to fly off somewhere.
    What happens in General, stays in General.
    You know what they say about assumptions!

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