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Sudden credit card interest price hikes 'are no more'

The credit card industry has agreed to cease applying sudden hikes to credit card interest rates, it has been reported.

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15 January 2009

Sudden credit card interest price hikes 'are no more'”

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No interest rate rise will be added in the first year of a store or credit card being taken out - and after this initial period, rates will not rise more often than once every six months.

The Thrifty Scot notes an end will be put to the overnight credit card interest rate hikes "that many have complained about", as all consumers will now be given a minimum of 30 days notice about any increases in interest rates.

An official from the Consumer Credit Counselling Service, a registered charity, told the online resource: "Credit card companies have taken a significant step and will help ensure bad personal situations are not made worse."

The representative urged all credit card providers to "follow the example of the best" and freeze fines, charges and interest on the outstanding balances of consumers who are on a debt management plan.

Written by Charlotte Stevens

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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