Financial – Lenders get picky as credit card rate hike due
Category Business | Thursday, March 11th, 2010
credit card
THE two biggest banks in the country are to hike their credit card rates, the Irish Independent has learned.
The revelation about Bank of Ireland and AIB came as it emerged that six out of 10 applications for a credit card are being refused as lenders cherry-pick the best customers.
Last month, this newspaper revealed that Bank of Ireland was planning to increase the interest rates it charges on personal loans, overdrafts and student loans next month.
And it will increase the interest rates on a number of its credit cards from June 1.
The rate for purchases on the 2in1 card is to rise from 13.9pc to 14.9pc, with the rate for cash withdrawals jumping from 17.4pc to 23.2pc.
On the Clear card, the purchase rate rises from 9.5pc to 10.9pc, with the rate for withdrawing cash on the card jumping from 19.9pc to 23.2pc.