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Credit card rates rise

Credit card interest rates have continued to rise over the past two years, even though the Bank of England base rate has remained static.

But borrowers with a clean credit history can enjoy longer 0 per cent balance transfer deals as providers compete to attract their custom.

The overall average rate charged by credit cards is now 18.4 per cent, according to Defaqto, the financial research company. This represents a significant jump on the start of 2009 when average rates were 17.7 per cent. Over the same period, the Bank of England base rate has held steady at 0.5 per cent.

Barclaycard currently offers one of the lowest representative APRs (which simply means the annual rate most people will be charged) at 7.9 per cent for its Platinum Simplicity card.

Capital One has one of the highest at 34.9 per cent for its Classic credit card, aimed at those with a poor credit rating.

Rates have risen as banks are less able to earn money by selling once-lucrative payment protection insurance – and have sought other revenue streams.

However, many have also extended initial 0 per cent balance transfer deals and purchase rates in the hope of luring new customers. Nationwide now offers a 0 per cent balance transfer for 17 months and customers with a Tesco Bank Clubcard credit card pay 0 per cent on all purchases for the first 13 months.

“The best deals are introductory ones,” says David Black at Defaqto. “The market doesn’t seem to be rewarding loyalty at the moment.”

This week, the UK card issuers representative released figures showing that credit card usage  has become less prone to fraud, with card crime figures falling to the lowest levels since  2000 thanks to better fraud-detection  software.

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