American Express to raise credit card interest rates by more than 2%
American Express is to increase the interest rates it charges UK consumers’ credit cards from February.
The company said the increase in the rate by 2.3 percentage points – from 22.2% to 24.5% – was because of the rising costs of providing loyalty programmes, rewards and benefits to its customers.
Commentators said other providers could follow suit, particularly if the Bank of England announces an increase in interest rates next month.
American Express cardholders will be written to over the next two months to give them notice of the change. In a statement, the company said: “American Express regularly reviews its cards to ensure that we continue to offer our cardmembers competitive credit cards that represent good value and provide a range of
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