A picture of cats and pigeons was summoned up by the announcement this week of the arrival of a new credit card in the Irish market.
Tesco, the supermarket group, is introducing a card with an introductory rate of 4.9 per cent.
While this will rise to 15.9 per cent APR from the beginning of next year, there will still be clear water between its rate and those of its rivals.
Closest to it on the basis of current rates will be the supermarket bank Tusa at 17.5 per cent.
The mainstream banks, which still control the bulk of the credit card market, at present charge rates in excess of 18 per cent on their standard cards.
The arrival of Tesco's credit card in the aftermath of bank of Scotland's arrival in the mortgage market and Northern Rock's efforts to secure a foothold in the deposit business provides another unwelcome jolt to the domestic banking market.
With only 22 per cent of the Irish population holding credit cards and rates on average at the upper end of those in the European Union, there appears to be plenty of scope for new entrants to make a business in this sector.
From the consumer's point of view, the experience of other British raiders indicates that Tesco's arrival can only bode well for interest rates on such cards.
