Bank of England raises interest rates to 0.25%

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Credit cards gonna put theirs up 2.5% to accommodate. Betcha. Didn’t Amex already pre-empt it?

They’ll blame it on this increase, even though they never lowered rates when it plummeted.

Yep. While saving rates will be reduced further due to “continued volatility in the market”…

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One of the many reasons that I am glad that I can afford to pay my credit card in full every month

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Very much an untrue statement, AmEx as an example tie their rates somewhat to BoE AFAIK

Proof? I have an Amex account still. My rates never lowered once as the BoE rate kept declining.

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I agree with @N26Throwaway.

I have two Amex’s and the rates never go down on them, just up

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I also agree with @N26Throwaway and @Jimbo

My rate has gone up twice over the last few years - a period during which BoE rates have only been going down.

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Can confirm that if you check your emails, AmEx includes the base rate within their interest rates. They did however conveniently up the rate they charge.

Ah, that explains it:

I never do that.

More seriously: “including” the BoE rate doesn’t prevent them to increase their rate to offset any fall in BoR rate, which is what they have presumably done.

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No, they didn’t do it to offset it at all, they increased it more than the rate I believe

But in reality if the rate goes up, so does your credit cost and vice versa