New research by financial advice website MoneyExpert.com has revealed that credit card rates are at their highest since the beginning of the credit crunch .
Despite the base rate being cut by 4.75 per cent to its lowest level in the Bank of England’s 315-year history, credit card customers are paying 1.1 per cent more than they were two years ago.
The increase will generate an extra 712.8 million in income for credit card providers while debt currently stands at 64.8 billion, according to the website.
Sean Gardner, director of MoneyExpert.com, said: “Even when we started monitoring average credit card interest rates they were already around 16 per cent – so to see them continue to increase is testament to how much the card companies feel they can get away with.”
Those travelling abroad this Easter weekend might also be hit with credit card foreign usage charges of up to 2.99 per cent for every transaction depending on which provider they use.
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