Capital One criticised over credit card charges

Concerns around the profitability of credit card charges are rising as ten of the leading bank cards have increased rates over the last 12 months.

Recent rate hike culprits include Barclaycard, HSBC, MBNA, M&S Money and Virgin Money.

But many commentators have zoned in on Capital One, which now charges 34.9 per cent interest on its Classic Visa card after hiking its rate on purchases by five per cent in 2006.

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