Hike on credit card interest rates

Published on 10 February 2010 by Raffick Marday

Hike on credit card interest ratesPeople who use a Capital One credit cards will be in for a shock in the coming months as the credit card lender announces it will be hiking up interest rates.

Some rates could almost be double the current rate and the move could mean customers who are already struggling with debt problems paying out even more in interest payments.

The Hikes on interest could be up to 7.5 percentage points and could see some of the rates changing from just over 8 per cent to as much as nearly 15.5 per cent.

For a constant £2,000 balance, the jump could add £250 onto the annual interest, on a £3000 constant balance would soar to £365 a year.

A spokesperson for the credit card company said they are; “increasing interest rates for only a small percentage of customers across our range of cards” but have not specified who the charges will affect.

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