thousands of credit card holders know all too well.

GO-Card holders will see an increase in their interest rates next month for the first time since the card was created back in 1982.

GO-Card holders have enjoyed paying lower interest rates than all other Bermuda issued credit cards for eight years.

Rates will rise from the current 9 percent to 12 percent on July 1 2000, but the increase still keeps the change well below the 18 percent customarily charged by other local card issuers.

A notice to GO-Card holders read: "Unlike the 18 percent customarily charged by store charge cards or by local bank cards, which charge a fixed rate plus a graduated monthly charge, you just pay 12 percent on your outstanding balance.

"You also enjoy a grace period (no interest) of up to 60 days.'' The increased interest rate comes as a result of recent changes in both the BDA$ and US$ deposit mortgage rates.