Credit-card top rate raised

Maximum interest rates for new credit card users will increase to 20% per year from 18% starting next month, the Bank of Thailand announced yesterday.

Existing cardholders with outstanding balances will be given a seven-month adjustment period, with the new rate taking effect on June 30. New outstanding debt, however, can be charged at the new rate starting next month.

Krirk Vanikkul, an assistant central bank governor for financial institutions policy, said the seven-month adjustment period was to ease the burden cardholders would face, particularly those who took out cards before April 2004.

Read more at: Credit-card top rate raised