Credit Card Rates for Dummies

Stock Market Investing - Outrageous Credit Card Rates

Credit Card Offers - How Can You Refuse !?

Are you looking for the best credit card rates or are you keen in these times of low interest rates to stock up on your credit card applications ?

Then you need your head examined !

With interest rates at or close to 0 you might think low interest rate credit cards or 0 interest balance transfers would be being thrust upon you by all and sundry. Well think again.

I have just received a letter from Marbles Card Services (part of the Bank of Scotland, which I believe is now part of Lloyds Banking Group, though to be honest I've lost count of the number of incompetent banks that went bust) informing me of their criminally outrageous new credit card rates. They do have their bonuses to pay for after all, so clearly they have just cause for ripping off their customers

Dear Mr Brown, (yes, even Prime Ministers have secret lives as bloggers)

Changes to your marbles Credit Card Conditions

blah blah blah .....

The compound annual interest rates on your credit card will increase to the following :

• Purchases 31.95% p.a.! tee hee - (up from the previously criminal 27.95%)
• Balance transfers 31.95% p.a.! - tee hee - (also up from the previously criminal 27.95%)
• Cash advances 38.92% p.a. !! ho ho - (note the .92% - is that supposed to make me think they don't just pick their credit card rates out of thin air ? - up from the previous criminal 33.94%)
• Credit card cheques 38.92% p.a. !! - ha ha - (mmmmmmmmmm credit card cheques - up from the previous criminal 33.94%)
  
  Blah blah blah .........
  
  Our Service to You
  
  If you are unhappy with these changes you have the option to close your account. Ha ha ha. Have a nice day etc... etc... .
  
  The reason for these outrageous credit card rates when the Bank of England rate is curently 0.5% is, I suspect, because I am slowly paying off the balance and not using the card, although I can't be sure - maybe it's just an across the board rate increase to screw the suckers with outstanding debts.
  
  So there you have it, and marbles aren't the only credit card making the most of the credit crunch to screw their customers MBNA recently increased its credit card rates to 30% from 18% - if you are looking for low interest credit cards then steer clear of these two cowboy firms and make sure you read the small print if you do decide to apply for a credit card.

UPDATE : President Obama has asked Congress to craft a bill to deal with the credit card industry's "anything goes approach" - see Obama Credit Card Rates Reforms

For more information on the shady practices and tricks that credit card companies get up to, see - credit card applications