Banks raise credit card rates, fees to keep up with higher-rate environment

THE higher-for-longer interest rate environment is pushing major retail banks in Singapore to raise interest rates and fees on their credit cards.

According to checks by The Business Times, HSBC is the latest of seven banks in Singapore – including both local and international – to raise its credit card interest rates and fees this year.

HSBC in December announced that it will raise the prevailing interest rate on its credit cards to 27.8 per cent with effect from Jan 8, 2024, from the current 26.9 per cent.