Bank of Ireland credit-card increases
Senators Norris and Coghlan condemn Bank of Ireland’s proposed credit-card interest increases as predatory and especially harmful to customers before Christmas.
It is a 4% increase coming up to Christmas just to catch people and put them into the poverty trap. I have had an account in the Bank of Ireland for over 60 years, since I was eight years old. I believe I have never seen such disgraceful behaviour on the part of a bank, at a time when the ordinary people of Ireland have been forced to bail them out, that they should put their hands once more into the pockets of the impoverished. I would like to have my colleagues support me in demanding that the Bank of Ireland rescind this disgraceful move in the run-up to Christmas.
Comment on this
That is the very point I was going to raise. This 4% increase on the so-called clear credit card and 2% on the so-called classic card is a predatory strike. It is an ambush of the customer at this time. People are caught for cash when doing their Christmas shopping and, as they are using their cards, they will run up big bills. This is a crippling interest rate hike that is uncalled for, particularly at this time. I join with Senator Norris in strongly condemning the move. I understand we have to get the banks profitable again in the interests of the taxpayer.
This is not the right way to go about it and certainly not at this time. I abhor that move and join in the call for this House to send out a strong message today - I note Senator Darragh O'Brien is in agreement - to that bank in this regard.