Increased costs on the cards

Did you know that from May 6, the maximum interest rates chargeable on credit cards and store cards was reduced, in line with an amendment to the National Credit Act, to 21.48%?It was a double blow for the big retailers, who'd been charging up to 25% interest on store cards, because from late last year, the same piece of legislation forced them to do more labour-intensive affordability checks on card applications, to avoid being accused of reckless lending.