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Card rates go through 21 per cent

03/05/2011

Twenty two credit cards have changed their rates since December. In all but one instance the rates have gone up, with the average increase being 37 basis points according to Infochoice.

The big movers include Community CPS, which put up rates on a couple of cards by 175 basis points in April, and Citibank, which increased the rate on its ReadyCredit Visa by 75 basis points in December.

Following this recent round of rate increases, credit card interest rates of 20.74 per cent have become a common price point.

GE Money has pushed through the 21 per cent barrier, with a rate of 21.74 per cent on its GO MasterCard. The average rate on low-rate cards is now around 13.5 per cent – almost double the average standard variable mortgage rate.

Source: Banking Day



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