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Watch out for Credit Cards interest rates increases
Posted by keeptalkinggreece in Economy
After the increase of interest rates by the European Central Bank, the interest rates fo credit cards have been increased as well. According to economic news portal Capital.gr “interest rates on credit cards have gotten literally “fire” and reached even 19%-to-market and 21.35% for cash. Delays in monthly payments from credit cards are charged with 20%. ” Furthermore, the banks have proceeded to a significant reduction of credit cards limits, that in some cases can reach 92 percent.
For example, large foreign bank operating in Greece reduced the customer’s credit limit from 12,000 euros down to 1,000 euros.
Credit limits, formed in the past at an average level of 3,000 euros, have dropped at 1,500 euros in the average.
The regular reduction of credit card limits is a common for all banks. As is the common policy for approval of a credit card. Capital.gr reported that almost 85% of credit card applications are not approved nowadays.
We are broken, folks!
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