UK Money News
9th June 2008
Card companies hit borrowers with higher APRs
Credit card borrowers have been warned to beware of higher repayments rates charged on balance transfers when the zero per cent term has expired.
According to research conducted by MoneyExpert.com, the average standard APR charged by companies at the end of the interest free term has risen from 15.35 per cent to 16.1 per cent since January this year.
However, many providers are charging considerably more, which could hit card holders hard if they have not cleared the balance.
Of those surveyed 23 imposed a rate of 18.9 per cent or above, while Northern Bank's Platinum Credit Card charges a "punitive" 39.6 per cent.
Sean Gardner, director of MoneyExpert.com, said: "Credit card companies continue to offer good, lengthy zero per cent deals on balance transfers, and customers should continue to take advantage of them.
"However part of the consideration process should be the go-to rate, particularly as more and more people will not be in a position to clear their balance in full once their deal expires."
He added: "As money is tight, paying off the credit card is more difficult and that means you'll have to rely on the standard APR of your credit card provider, or of course switch again."
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