Thursday June 4, 2020

Rate rises may not affect credit cards

The current cycle of rising interest rates may not affect credit card customers immediately, according to a spokesman for credit card company MBNA.

19th August, 2006

The current cycle of rising interest rates may not affect credit card customers immediately, according to a spokesman for credit card company MBNA.

‘‘Unlike mortgages or savings products, credit card interest rates are not as directly linked to the base rate, so any changes in the base rate may not necessarily translate into changes in the interest rates on cards,” he said.

The spokesman added that the cost of funds was only...

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