BMW credit card from Amex increases rate by 7%

Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk, comments: “The standard purchase rate of 9.9% APR made the BMW credit card from American Express a very attractive proposition, but with effect from 28 August, the rate has been hiked by seven per cent to 16.9% APR.

“The card has no 0% introductory offers for balance transfers or purchases, so now becomes a very average product and is unlikely to attract much in the way of new business, especially when you consider that Barclaycard Simplicity comes with a standard purchase rate over ten per cent cheaper at 6.8% APR.”