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Credit card rates on the rise

Published: 16/02/2010

Consumers are having to hunt harder for good deals on credit cards as interest rates have crept up to their highest point in over a decade.

However, Andrew Hagger of Moneynet.co.uk has advised that not all providers have pushed up rates in the last 12 months.

Mr Hagger noted Saga bucked the trend in April 2009 by reducing the rate on its platinum card by four per cent to 11.9 per cent APR.

The money expert commented: "Cardholders are having a tough enough time as it is at the present, without greedy card providers sticking the knife in.

"If the likes of Saga can manage to cut their rates amidst challenging economic circumstances then you have to question why other providers are pushing their rates in the opposite direction."

According to Mr Hagger, the average purchase rate for new customers is now around 19 per cent APR, but he warned that for applicants with a less-than-perfect credit record this was likely to be higher.

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