March 25th, 2012 
Paul Smith UK banks may soon be creating a stir with customers who are credit card holders. Virgin Money recently increased its interest rates by 50 percent on credit cards held by more than 15,000 customers.
The bank seems to have forgotten its recent commitment to “provide value to customers,” instead issuing an interest rate ultimatum to thousands of credit card holders. More banks are expected to follow suit to make extra profit while the Bank Rate is low.
According to Andrew Hagger with Moneynet, deposits are becoming more expensive for lenders. Leading building societies and banks recently increased mortgage rates and Mr. Hagger expects that more increases are forthcoming.
MBNA manages Virgin credit cards and a Virgin spokesperson stated that MBNA determined the criteria regarding which customers would receive the interest rate increase.
Customers can either accept the Virgin rate increase or reject it and cancel their card. However, many may not have anywhere to go. Kev
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