Monday 19 February 2018

Credit card firm hikes interest rate

A MAJOR credit card company is hiking the interest it charges some of its customers.

MBNA said yesterday it is imposing higher charges on those who miss payments.

The rates have jumped from 10.9pc to 16.9pc, in a move that is set to put more of its customers under pressure to meet monthly repayments.

MBNA, which is one of the largest card providers in this market, admitted it had pushed up the interest rates for some of its customers who have gold and platinum cards.

The higher rates mean that someone with a balance of €5,000 owed on their card will face additional payments of €180 a year if they take three years to clear the debt.

A spokesman for MBNA would not say how many customers were impacted by higher interest rates, nor how many of its credit card customers were in arrears.

Irish Independent

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