Credit cards

Deirdre · 10-11-2007

Can banks decide what interest rates to charge on their credit cards or do they have to be withing a certain percentage ?

My credit card accumulates €150 minimum per month on Interest I have contacted my bank to check that this is correct and they say it is, my husband has the same amount owing on his credit card and his card is with a different bank and his Interest is €50 per month. It is a big difference and I can not understand it.

Are banks allowed to charge this amount ? I can not change my credit card because I am not in full time employment so what else can I do but pay it ?

styxx · 10-11-2007

Interest rates charged by different banks and different credit card providers are more or less the same. A credit card service provider with a higher interest rate may not be attractive to consumers. The disparity in the interest rate mentioned could be on the transactions made. Note that a cash advance transaction has a higher interest rate than the normal transaction.

Deirdre · 10-12-2007

Thank you for your reply, I do understand that taking cash advances can make the interest a lot higher, we both have done this. I was checking through our statements and my interest percentage is a lot higher than my husbands, my credit card is through a bank where as his is directly through a credit card company.

I would love to avail of these cards that have 0% interest however I can not because I am not in full time employment.

10-11-2007	#1 (permalink)
Deirdre Member Join Date: Oct 2007 Location: Ireland Posts: 46 Rep Power: 0	Credit cards Can banks decide what interest rates to charge on their credit cards or do they have to be withing a certain percentage ? My credit card accumulates €150 minimum per month on Interest I have contacted my bank to check that this is correct and they say it is, my husband has the same amount owing on his credit card and his card is with a different bank and his Interest is €50 per month. It is a big difference and I can not understand it. Are banks allowed to charge this amount ? I can not change my credit card because I am not in full time employment so what else can I do but pay it ?

10-11-2007	#2 (permalink)
styxx Junior Member Join Date: Oct 2007 Posts: 20 Rep Power: 0	Interest rates charged by different banks and different credit card providers are more or less the same. A credit card service provider with a higher interest rate may not be attractive to consumers. The disparity in the interest rate mentioned could be on the transactions made. Note that a cash advance transaction has a higher interest rate than the normal transaction. __________________ Online Business

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10-12-2007	#3 (permalink)
Deirdre Member Join Date: Oct 2007 Location: Ireland Posts: 46 Rep Power: 0	Thank you for your reply, I do understand that taking cash advances can make the interest a lot higher, we both have done this. I was checking through our statements and my interest percentage is a lot higher than my husbands, my credit card is through a bank where as his is directly through a credit card company. I would love to avail of these cards that have 0% interest however I can not because I am not in full time employment.

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