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Tuesday, June 14, 2011

Credit interest rates limits

The amount of interest credit providers are allowed to charge for different types of credit under the National Credit Act varies.

Here are some of the current limits:
(This is with the repo rate currently at 5.5%. )

On a mortgage agreement credit providers can charge a maximum interest of 17.1% per year.

Credit facilities (which consist of credit cards, store cards and overdrafts)can be charged a maximum interest of 22.1% per year.

For unsecured credit transactions which consist of mainly personal loans, credit providers can charge a maximum interest of 32.1% per year.

So make sure you are not being charged too much.

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