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A report clams some credit card providers have increased their interest rates in
the last three months to offset enforced cuts in their default fees.
The data, from Moneyfacts, says 19 leading credit card issuers have put up their
charges.
The companies that have increased some of their charges include American
Express, Barclaycard, and HSBC.
Moneyfact's Lisa Taylor commented: "While it may be argued that the 0.25%
increase to base rate in August resulted in some of these increases, with rises
of up to 12.1% it is clear other forces are at play.
"Rising bad debts and the lost fee revenue has left many providers with no
choice but to look for alternative avenues for income.
"It seems, raising interest rates is a popular option."
Source:
Getting Paid
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