Credit card rates rise despite base rate cut.
The leading credit card providers are still increasing their interest rates to try and improve their profits and revenues. After taking a huge hit during the credit crunch, lenders are trying to recover some of the money they have lost by increasing rates despite the base rate being cut by half a percent.
Interest rates have jumped by 0.6% on average and unfortunately it looks like customers are not going to see the benefits of this base rate cut. In February there were 52 cards that had interest rates of or above 17.9% but new statistics show that there are now 72.
Looking for credit cards with sufficient interest rates can be hard as the British economy goes through the credit crunch. Another alarming fact shows that some cards now have rates above 40%.
It may seem that searching for the right credit card with rates being as high as they are is an impossible task. However, some deals have remained at a competitive rate and customers are urged to analyse their circumstances before choosing the right deal. Deals that have interest rates of around 7% can still be found.
Despite customers be wary about taking out finance during the credit crunch, some customers have no choice and rely on their credit card to pay off some important bills such as the utilities bills, car insurance, mortgages and even the weekly shop. For these people finding the best deals is imperative.
The same goes for 0% credit cards, there are some competitive deals around and searching online can help you find the most competitive deals around. Searching online means you can compare the leading providers and all the deals. As well as finding the best offers it also reduces the hassle and stress that is associated with finding credit cards nowadays.
With credit card rates continuing to increase despite the base rate cut, find the best deals on credit cards can be difficult. However, searching online can help you can deals such as 0% credit cards and many more.
About the Author: Karl Bantleman is a UK based author with extensive experience within the financial sector.
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Print Article | Download PDF | 8 views | Aug 13 2008
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