Irish credit card rates among the world’s highest
According to a report from London-based research company Lafferty, Ireland is second only to Saudi Arabia as the most profitable country per credit card worldwide. They said this, coupled with government stamp duty on credit cards, has hindered competition in the market. This year card providers such as AIB and Bank of Ireland will generate almost €150 million profit on cards. This is up from €130m in 2005 and €137m last year.
AIB and Bank of Ireland have 70% of the market, with MBNA and Ulster Bank taking up 20%.
