By Sri Carmichael
Last updated at 10:33 AM on 09th January 2009
American Expess has increased the cost of borrowing on one of its credit cards to 46 per cent — more than 30 times the Bank of England base rate.
The company now charges 46 per cent APR on the British Airways Premium Plus card, making it Britain’s most expensive credit card.
Consumer groups said the cost of borrowing on some credit cards had now lost all touch with the base rate.
A series of other cards also have APR over 35 per cent — despite interest rates now being at the lowest level since the Bank of England was set up in 1694.
Other cards include Virgin Money American Express at 37 per cent and Citi MasterCard at 41 per cent.