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Amex card pushes APR up to 46% despite rate cut

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Amex card pushes APR up to 46% despite rate cut

Even though interest rates were slashed to their lowest level ever last week, it would seem that credit card providers are still ignoring the cut. 

In fact, the British Airways American Express credit card designed for frequent flyers has just had an almost 25% increase in its annual percentage rate (APR).
American Express has nudged up the annual fee for existing customers on its British Airways Premium Plus card, bringing costs from £120 to £150. This means that the APR on the card has gone from 36.6% to 46%. 
The change makes it the priciest rate available on the market.
Transaction charges have also increased from 16.9% to 19.9% each year.
An American Express spokeswoman defended the move: “We have held off making any fee increases. However, the cost of providing these products has increased. Rather than reduce the benefits on offer, we have made a slight increase to the fee.”
Credit card expert at Which? consumer body, Martyn Saville, branded the rate “ridiculous” and said: “This is over 30 times base rate. Credit card interest rates now bear no resemblance to Bank rate – it is just about what companies think they can get away with. Even at 19.9% it is far too high.”

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