Midland Bank's announcement this week to cut the interest rates on its credit cards means that now all the big clearing banks have moved to trim their rates - but not yet.
Midland is cutting the interest on its Access and Visa cards from 23.1 per cent to 22.3 per cent a year.
For cash withdrawals, the interest is cut from 25 per cent to 24.2 per cent. The change comes into effect from 4 January.
The bank is also cutting the interest for its student credit cards from 21.6 per cent to 20.9 per cent for purchases and from 23.5 per cent to 22.7 per cent for cash advances. The Gold Visa card rate is reduced to 18.1 per cent from 19.5 per cent.
The lowest basic credit card rate from the big banks comes from Lloyds, which will offer a rate of 21 per cent, down from 22.4 per cent.
Barclaycard is cutting its rate by one point to 21.9 per cent.
NatWest is reducing the rates on its cards from 4 January. The rates on its Visa and Access cards drop to 22.4 per cent. Rates on its Mastercard and Primary Visa Card have been cut to 21.7 per cent and 23.9 per cent respectively.
The Co-op has also altered its charging structures.
The bands relating the amount spent each month to separate interest rates on the Robert Owen Visa card have been replaced with a single rate of 22.4 per cent.
The minimum direct debit option on its standard Visa card has been scrapped and a rate of 23.9 per cent applied to all accounts.