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21% and rising: fury grows as credit card rates hit new high
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Campaigners are calling for new legal caps on “exorbitant” credit card interest rates, which have hit their highest levels for more than two decades.
Bank of England figures reveal the average annual interest rates offered on credit cards has risen to 21.49%, compared with the base rate of just 0.1%. It is the highest average credit card rate since December 1998.
Michael Donald, a former director of Visa UK and founder of the UK digital payment app ImageNPay, said it was hard for the financial industry to justify interest rates of above 20% when the base rate is at a historic low. He said: “If the Bank of England base rate is the lowest ever, how can you have a credit product which drives people further into indebtedness with the rates
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