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The great interest rate ripoff
A Kipp survey has found that UAE credit card customers pay twice as much interest compared with their UK counterparts. With the row over Mashreqbank’s mortgage rates escalating, we ask whether the big banks are overcharging.
January 22, 2010 12:44 by Ben Flanagan
How UAE credit card holders pay twice the interest
Kipp surveyed five major international banks and credit card companies to survey how much interest they charge consumers.
All the providers listed below have multiple rates for the cards. The lowest and highest rates are displayed, although the lowest rate available with each provider is used to calculate the average.
|Credit card provider||Monthly interest rate for purchases in the UAE||Monthly interest rate for purchases in the UK|
|HSBC||2.25%* to 2.99%||0.945% to 1.527%|
|Lloyds TSB||1.99%||0.869% to 1.527%|
|Barclaycard||2.59% to 2.95%||1.167% to 2.075%|
|Royal Bank of Scotland||2.59% to 2.99%||1.240% to 1.527%|
|American Express||2.49% to 2.69%||1.39% to 1.53%|
* Rate applies from 1 February 2010
** Average is of lowest monthly rate