Gap between interest and credit card rate widens The average credit card rate is now 18.7%, leading to claims that companies are making money from customers when interest rates are at a record low of 0.5%.

Last week the Bank of England announced that its base rate will remain at a low of 0.5%, which it has been for 27 months, the Mirror reports.But this means that the gap between interest rates and credit card rates is wider than ever, as in 2007, the base rate was 5.75% and credit card rate was 18.7%.Eddy Weatherill, of the Independent Banking Advisory Service, told the news provider that it is “profiteering”.”They are trying to boost their profits for as long as possible and we’re all being made to pay for it.”It’s heads they win, tails we lose. There is no justification for it.”Figures from Credit Confidential showed recently that it is 10% harder to get credit than it was last year, with almost 2.5 million Brits turned down in the last six months.

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