Written answers

Tuesday, 31 March 2015

Department of Finance

Credit Card Interest Rates

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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283. To ask the Minister for Finance the number of commercial decisions to increase interest rates on credit cards that have been notified to the Central Bank of Ireland in the past 18 months; and if he will provide the details, including the level of increases in each case. [13419/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Central Bank has advised me that it does not have a role in interest rate control.  Standard interest rates on credit cards are not subject to Section 149 of the Consumer Credit Act, 1995 and so are not notifiable to the Bank.  These interest rates are not regulated by the Central Bank and as such, a regulated entity may determine the rate it charges its customers in line with applicable terms and conditions and depending on a number of factors, including risk.  Interest rate changes are required to be disclosed to customers.

Consumers should consider shopping around to ensure that they are getting the best available rate.  Cost comparison information is available for consumers on the Competition and Consumer Protection Commission's web-site at the link below:

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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284. To ask the Minister for Finance the average interest rate charged by licensed credit card companies. [13420/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I, as Minister for Finance have no role with regard to interest rates charged by licensed credit card companies.

The Central Bank has informed me that they do not publish the information requested by the Deputy. 

However, the Competition and Consumer Protection Commission has available comparison information on credit card interest rate on their website at . I would strongly advise all credit card consumers to use this site to determine which card offers best value in their particular circumstances.

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