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Is APR increasing across credit card issuers?
fawinds
Posts: 372 Forumite
in Credit cards
I have an HSBC credit card which I applied for 3 years ago at 16.9%. My wife just got one three months ago but the APR is 17.9%. Now I have realised that on the HSBC website the APR for new applications is 18.9%.
Barclaycard used to offer the simplicity card at 6.9% but now is 7.9% (and hidden in their website). Halifax used to offer the clarity at 11.9% and now is offered at 12.9%.
Why are APRs being steadily being increased for credit cards whilst the are being lowered in other products such as personal loans (I got a personal loan from HSBC two years ago at 7.9%. Now they offer the very same loan at 4.8%)?
I hope we don't end up like other countries where the average APR for a credit card is above 25%.
Barclaycard used to offer the simplicity card at 6.9% but now is 7.9% (and hidden in their website). Halifax used to offer the clarity at 11.9% and now is offered at 12.9%.
Why are APRs being steadily being increased for credit cards whilst the are being lowered in other products such as personal loans (I got a personal loan from HSBC two years ago at 7.9%. Now they offer the very same loan at 4.8%)?
I hope we don't end up like other countries where the average APR for a credit card is above 25%.
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Comments
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The best rate on Clarity has always been 12.9%. It's never been cheaper.I have an HSBC credit card which I applied for 3 years ago at 16.9%. My wife just got one three months ago but the APR is 17.9%. Now I have realised that on the HSBC website the APR for new applications is 18.9%.
Barclaycard used to offer the simplicity card at 6.9% but now is 7.9% (and hidden in their website). Halifax used to offer the clarity at 11.9% and now is offered at 12.9%.
The main battle in the credit card market is around who can offer a 0% rate for the longest. This appears to be supported by higher go to interest rates after the 0% expires.Why are APRs being steadily being increased for credit cards whilst the are being lowered in other products such as personal loans (I got a personal loan from HSBC two years ago at 7.9%. Now they offer the very same loan at 4.8%)?
I hope we don't end up like other countries where the average APR for a credit card is above 25%.0 -
Why is APR being increased? To make the bank more profits....
Anyway who cares, you should try to never pay CC interest anyway0 -
Bedsit_Bob wrote: »16.9% is a bit :eek:
I pay in full or BT when required, so that is not the point. The point is that if 16.9% is a bit :eek: then 18.9% is :eek::eek:0 -
PeacefulWaters wrote: »The main battle in the credit card market is around who can offer a 0% rate for the longest. This appears to be supported by higher go to interest rates after the 0% expires.
That seems to be a fairly good explanation.0 -
79.9% is scary tbh.0
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