Last week, in Your Credit Cards Need £1 Billion, I warned Fool readers that credit-card companies are seeking ways to maintain and increase their record profits.
Thanks to rising bad debts, a growing number of canny rate tarts (who avoid paying interest on their debts), plus an Office of Fair Trading investigation into credit-card penalties, credit-card issuers have taken a few knocks this year. Hence, I expect them to come out fighting, most probably by increasing their interest rates and charges while reducing the benefits on offer to cardholders….
Continue reading this article at the Motley Fool