The Central Bank has advised me that it does not have a role in interest rate control. Standard interest rates on credit cards are not subject to Section 149 of the Consumer Credit Act, 1995 and so are not notifiable to the Bank. 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. Interest rate changes are required to be disclosed to customers.
Consumers should 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 link below:
http://compare.consumerhelp.ie/CreditCard