Banks may copy BoI's credit hike
BANK of Ireland's move to hike credit card rates by up to 4pc is to be copied by other lenders, it has been claimed.
Tens of thousands of customers have been hit with higher repayment charges, causing more misery for shoppers already under severe pressure at Christmas.
Bank of Ireland's two public interest directors were being grilled about the decision today during an appearance before the Oireachtas Finance Committee.
Joe Walsh and Tom Considine were facing TDs and senators to explain their role at the bank and why they are hiking rates.
Other card providers are set to follow the bank's lead, said Simon Moynihan, of price comparison site Bonkers.ie.