Credit Card interest up by 1%

[BMWM3]

Thursday, Dec 04, 2014

SINGAPORE - Banks here have quietly raised the already high interest rates that apply to credit card bills.

In September, DBS Bank lifted the interest rate on outstanding balances from 24 per cent to 24.9 per cent.

OCBC's rate rose from 24.96 per cent to 25.92 per cent.

United Overseas Bank (UOB) raised its interest rate from 24 per cent to 25 per cent on Nov 22.

For years, cardholders who did not pay their bills in full by the due date have been charged interest of about 24 per cent on the outstanding amount.

Now, consumers have to foot higher interest charges.


Behind in your card bills? It'll cost more now, News, News, AsiaOne Business News

 

[wobbles]

Re: Credit Card interest up by 1%

Time to buy shares in banks! HUAT AH!

 

[Choo Yao Chuen]

Re: Credit Card interest up by 1%

wtf. how can they do this quietly?
lets go Hong Lim protest-

 

[casper77]

Re: Credit Card interest up by 1%

bro.... u chin eng huh???

or u always pay minimum???

 

[Choo Yao Chuen]

Re: Credit Card interest up by 1%

bro.... u chin eng huh???

or u always pay minimum???

neither. just want to stand up for consumer rights mah-

 

[Bmnewbie]

Re: Credit Card interest up by 1%

hopefully it raise saving interest rate too

 

[ktnpl]

Re: Credit Card interest up by 1%

It does not matter to majority of us who pays credit card bills promptly. I pay online on the same day of purchase so there is no chance the bank can earn from me

Debit Mastercard seems to have a better deal than Visa at the moment as the former gives cash rebates at the end of each month.

 

[hkh117]

Re: Credit Card interest up by 1%

why they do this, and some more a lot of this increase is not really made effort to make known to consumers.