Got a letter this morning, advising increases on my Debenhams MasterCard. The interest rates for Purchases, Cash advances and Balance transfers are increasing by 5%.
I only use the card where having it gives me a sales discount, and then immediately pay it off on line, so theses increases do not affect me. But I do wonder, in the present climate of virtually zero inflation, why it is necessary. Being cynical, my interpretation is that they feel their customers can afford the extra from savings made by the prices of many goods being static or reduced.
Put simply - GREED!
I only use the card where having it gives me a sales discount, and then immediately pay it off on line, so theses increases do not affect me. But I do wonder, in the present climate of virtually zero inflation, why it is necessary. Being cynical, my interpretation is that they feel their customers can afford the extra from savings made by the prices of many goods being static or reduced.
Put simply - GREED!
