American Express heads Irish credit cards cost survey

Thursday, March 29, 2007

American Express heads Irish credit cards cost survey

The Financial Regulator has today published a survey of fees and charges payable on credit cards that are available on the Irish market.

The Financial Regulator says that 45% of credit card holders do not pay their outstanding balances at a month end and a survey shows that 50% do not know what interst rate is charged.

The survey compares credit card costs, such as interest rates and fees between the different providers and shows the introductory offers available.

The amount of interest charged depends on the APR (Annual Percentage Rate) that applies and American Express have the highest APR at 18.9% and National Irish Bank, which issues its card in conjunction with NIB Easy /Freedom Customer Package, has an APR of 10.2%.

The Financial Regulator recommends consumers to:

Shop around for the lowest APR (introductory offer and afterwards).

Shop around for a card with the longest interest free period.

Compare late payment fees and other charges.

Source

http://www.finfacts.com/irelandbusinessnews/publish/article_10009587.shtml