Dáil Éireann Debate, Wednesday - 25 March 2015
53. Deputy Pearse Doherty asked the Minister for Finance if his attention has been drawn to the notification of a very large interest rate increase sent to customers by Avant card; the steps available to customers who believe this is unfair; the options available to the Financial Regulator to curb such increases; and if he will make a statement on the matter. [12291/15]
View answerThe Central Bank has advised me that AvantCard informed the Bank of its commercial decision to increase interest rates on a population of its accounts. These interest rates are not regulated by the Central Bank and as such, a regulated entity may determine the rate it charges its customers in line with applicable terms and conditions and depending on a number of factors, including risk.
AvantCard has confirmed to the Central Bank that it has written to impacted consumers, giving two months' notice in advance of the new rate taking effect. Affected consumers should contact AvantCard if they anticipate any difficulties in meeting revised repayments and relevant contact details have been included in the notice to consumers issued by AvantCard.
Consumers should also consider shopping around to ensure that they are getting the best available rate. Cost comparison information is available for consumers on the Competition and Consumer Protection Commission's web-site at the following link:
http://compare.consumerhelp.ie/CreditCard.
