Egg's decision to increase interest rates on its credit card is aimed at making a bigger profit, according to one expert.
Ian Boden-Smyth, press officer at the UK Insolvency Helpline, explained that although in the past the credit card firm has offered keep rates, they are attempting to get people to repay their money quicker.
However, those who are not happy with the rate rise should consider looking for a new credit card, he stated.
"The easiest thing is to get a balance transfer deal and move away," Mr Boden-Smyth said.
However, people will probably find most credit card companies will be looking to increase interest rates to reflect the greater risk they feel they face when lending people money, he added.
Recently, Barclaycard revealed it is freezing interest rates on most of its credit cards until at least June.
Other credit card holders will actually see their rates fall over this period.
| credit card news |
|---|
| Late credit card payments growing - Wed, 21 Jul 2010 |
| Halifax credit card may not be right for everyone - Fri, 09 Jul 2010 |
| Credit card provider reveals parents hit by summer holiday premiums - Mon, 05 Jul 2010 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Income Protection Insurance
Get an instant quote with the award winning company
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Egg looking for credit card profit, expert claims
Wed, 11 Feb 2009
Recommended links
Find and compare credit card rates and offersCompare the latest credit card offers
Credit card advice guides
Best student credit cards
Compare 0% Balance Transfer Credit Cards
Consumers look for credit card switch, figures show
Saga Platinum credit card can save people money, firm claims
Britons aim for credit card transfers
news content
Search
