Many customers are still missing out on lower credit card interest rates despite the recent announcement of new moves by lenders to improve the treatment of customers, it has been claimed.
According to Fool.co.uk, a quarter of borrowers do not know how much interest they are paying on their credit cards, while 76 per cent are unaware that it is possible to haggle over interest rates.
And while 24 per cent know it is possible to negotiate over annual percentage rates, only 13 per cent have attempted to do so, research by the money firm revealed.
“Credit card providers have done a great job peddling the idea that the interest rates they charge are one of the unchangeable facts of finance,” Fool.co.uk’s David Kuo remarked.
Customers who are struggling with credit card debt may wish to contact their lender to try and negotiate a better rate.
One aspect of the new agreement between credit card firms and the government will see lenders having to give at least 30 days’ notice before they implement any rate increases.
By Tom Musk