Richard Branson sucks

Criticised: Richard Branson's Virgin Money has faced anger over its decision to hike borrowing rates for 20,000 credit card holders.

The Daily Mail:

Richard Branson's Virgin Money have hiked credit card interest rates by 50 per cent in a fresh blow for customers.

The rise comes after several mortgage lenders increased their rates to the fury of homeowners - despite a record low Bank of England rate.

Virgin Money, who recently bought Northern Rock, has quietly hit around 25,000 existing customers with soaring repayments.

Cardholders have received letters in recent weeks telling them that interest rates on purchases have increased from 16.8 per cent to 24.9 per cent.

Balance transfer rates have also gone up from 18.9 per cent to 27.9 per cent.

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