A third of Irish credit card customers are on high interest rates that are now illegal

Banks and lenders making minimal efforts to switch customers to lower rates

'We want firms to challenge themselves to ensure they are not, consciously or unconsciously, taking advantage of customers’ inertia or any other habit or bias to their detriment.'

More than 400,000 credit card holders in Ireland are still paying interest rates above what the Central Bank has banned, with banks and lenders making "minimal efforts" to inform customers of better rates.

Since 2022, new credit card accounts cannot have an annual percentage rate (APR) of greater than 23%. However, a review by the Central Bank of Ireland has found that, of the approximately 1.3 million credit card accounts in Ireland, 32% are on APRs above 23% that pre-date this legislation and these customers may not be aware they could get a cheaper rate on another product.