22 April 2009

Interest Rates up by 31 per cent on RBS cards

If you have any issues with your credit card features, you might want to start shopping around for a better deal....especially if your card is provided under the umbrella of the RBS Group.

Why? Because they have raised the interest rates on a series of credit card by a huge 31 per cent, to 16.9 per cent.

Consumer watchdogs (and card customers) have reacted with outrage - and who would blame them - but RBS Group are not the only providers who have made changes. Around 28 providers have changed aspects such as the balance transfer and interest free periods on their cards.

RBS Group have said that any customers who have issues should raise them with the bank directly, and that they would deal with them as best they can.

But the question remains: why, after a summit meeting with the Government but one year ago, where banks promised to take a more sensitive approach to customers, are they now making such changes?

To keep up with the competition is the official answer...

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