Jun 20, 2017

Credit card interest to increase from July 1

Several commercial banks have taken a collective decision to increase the credit card interest rates.

Currently, the annual penalty interest rate for credit card payments was 24%.

However, the banks have informed their customers that the interest charged will be increased to 28% from July 1, 2017.

The banks have further notified their customers that all transactions from July 1, will be subjected to the new interest rate.

At the end of April 2017 the number of active credit cards within the country stood at 1,354,971, according to the Central Bank.