Barclaycard increases credit card rate by 12.1% apr

In the last three months Moneyfacts researchers have seen 19 card providers increase interest rates, some by as much as 12.1%.

Lisa Taylor, analyst at moneyfacts.co.uk comments: "While it may be argued that the 0.25% increase to base rate in August resulted in some of these increases, with rises of up to 12.1% it is clear other forces are at play.

"Rising bad debts and the lost fee revenue has left many providers with no choice but to look for alternative avenues for income. And it seems, raising interest rates is a popular option.

For many consumers this rise may go unnoticed - but should they take the time to look at the long term consequences, they could be in for a nasty surprise.

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