BA Credit Card Up to 46%

January 9, 2009

This is insane… what next?

American Expess has increased the cost of borrowing on one of its credit cards to 46 per cent — more than 30 times the Bank of England base rate. The company now charges 46 per cent APR on the British Airways Premium Plus card, making it Britain’s most expensive credit card.

[…]Consumer group Which!’s credit card expert Martyn Saville said the Amex rate was ‘ridiculous’. He said: ‘This is over 30 times base rate. ‘Credit card interest rates now bear no resemblance to Bank rates — it is just about what companies think they can get away with. 

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