Mainstream credit card rates unchanged in 2020 – for now

Even though the number and length of 0% interest free credit card balance transfer and purchase deals are being cut, with the exception of Barclaycard, the interest rate on mainstream credit cards is the same as it was in January.
However, with card lenders facing the prospect of a massive rise in bad debts due to the coronavirus impact on the economy, I expect to see lenders increase rates during the second half of 2020.
As the recession bites and unemployment soars, card companies will feel the brunt and may increase pricing to help protect their margins but also to put a dampener on demand for credit.
Non prime cards will no doubt become more popular as consumers with damaged credit records are turned down by mainstream lenders and it is these non prime products where I expect interest rate increases to be most severe.


  • First Direct 18.9% APR
  • Santander 18.9% APR
  • John Lewis 18.9% APR
  • RBS 19.9% APR
  • NatWest 19.9% APR
  • Lloyds 19.9% APR
  • Halifax 19.9% APR
  • Bank of Scotland 19.9% APR
  • Tesco 19.9% APR
  • TSB 19.9% APR
  • M&S Bank 19.9% APR
  • Barclaycard 20.9% APR (was 21.9% in January)
  • MBNA 20.9% APR
  • Sainsbury’s Bank 20.9% APR
  • HSBC 21.9% APR
  • Virgin Money 21.9% APR

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