The Irish Financial Services Regulatory Authority's first cost survey on credit cards reveals the benefits of shopping around for the credit card that suits the individual consumer.
IFSRA's first independent survey on credit cards compares the costs and key characteristics of the main credit cards available to Irish consumers. It shows the interest charged by the main card providers in the Irish market, and includes information on introductory offers and fees.
The survey shows that interest charged on purchases ranges from a low of 10.9% from One Direct's Gold credit card to a high of 18.9% from AIB's Classic card and American Express Blue. Most offer around a 56 day interest free period.
'Credit cards are a great way of paying for goods and services if you pay your bill in full and on time in each billing period,' commented Mary O'Sea, IFSRA's Consumer Director. 'It is when you regularly fail to pay your bill in full that credit cards become a costly item to have in your wallet,' she warned.
The credit card survey provides information on how to chose the right type of credit card and will be conducted every six months.
The survey can be downloaded from the Financial Services Regulator's website at www.ifsra.ie.
