Reader TTS

Credit card holders are being advised to review their accounts urgently, as they may be losing out due to significant interest rate hikes. Millions of credit card customers are being warned

to check their accounts immediately. Some lenders have increased their credit card interest rates by a staggering 12 percentage points over the past decade, reports Birmingham Live. Research

conducted by TotallyMoney for The Sun reveals that banks have substantially increased their credit card representative APRs over the last ten years. As a result, the average credit card

representative APR has risen from 17.9% in 2015 to 25.2%. Alastair Douglas, CEO of TotallyMoney, stated: "While the Bank of England may have cut rates by one percentage point in the

last year, credit card companies haven't followed. These hikes are a timely reminder for credit card users to review their rates and explore whether switching to a cheaper deal could

save them money." Consumer rights expert Martyn James advised: "For people considering moving their debt for an interest-free deal with another credit card provider, there are

three things to factor in: the interest-free period, the transfer fee and the APR if you can't pay off the debt in time. "However, those who make careful use of interest-free deals

can comfortably clear all their debt quickly and without the extra cost of interest." Alastair mentioned: "Balance transfers deals are getting longer. You can now shift your

credit card debt and cut interest costs for 33 months, taking you through to February 2028." Certain culprits have raised their APR beyond the average, including John Lewis, which has

seen an increase from 16.9% to 28.9%. Marks and Spencer Bank's rate climbed from 16.9% to 24.9%, whilst TSB, Nationwide, and Bank of Scotland rates also escalated from 17.9% to 24.9%.

Conversely, Metro Bank has retained its representative APR below 19%, having a comparatively minor five percentage point rise over ten years.