For example, a reduction in the relative supply of euro area long-term bonds due to asset purchases by the ECB leads to a decrease in long-term yields in the euro area. Since bond supplies directly affect the term premium, this occurs even when short-term rates are unchanged.
After deducting banks’ cost of funds and the cost of credit losses, that would equate to an interest rate margin of more than 10 percentage points. My advice if you’re in that situation is to shop around. Despite the prevalence of high-rate cards, this is a market where there is some significant competition.