Credit card hikes - Bank taking advantage

The financial advertisement about there being no “sneaky” conditions comes to mind in relation to the Bank of Ireland decision to slap an interest rate hike on its credit cards days before Christmas.

Sneaky is the only word to describe it. That the bank tries to justify this by saying it was “necessary” smacks of the kind of arrogance that people have come to expect from the financial institutions which brought this country to its knees. The rate increase of between 0.7% and 4% on all cards will be reflected in bills in January.

Effectively, the rates on the bank’s “Classic” credit card will now be just under 20%. Dermott Jewell of the Consumer Association hit the nail on the head in describing this as taking advantage of people and making a significant amount of money in the process.

It is an opportunistic ambush at a time when people are down.