Huge increase in credit card fees
by Kay Murchie
Research from the data analyst, Moneyfacts, has discovered that credit card companies have introduced a massive 31 different fee hikes over the last few weeks meaning consumers will be paying millions in charges.
Moneyfacts said a huge increase for withdrawing cash and rises in cash interest rates have been noted. Furthermore, banks and building societies have also increased commission on foreign use and increased balance transfer fees.
Alliance & Leicester is the main offender by increasing its rate from 2.25% to 3% of the amount withdrawn. A £250 withdrawal will now cost £7.50. The AA, Bank of Scotland, Halifax and Intelligent Finance have also increased their rates from 2.5% to 3% whereas Nationwide, Smile and Yorkshire Building Society cards are up from 2% to 2.5%.
The biggest cash rate increase is from Smile, with an increase from 14.9% to 23.9% on its Gold Visa for current account holders.
The AA, Amazon, Bank of Scotland, Britannia Building Society and Intelligent Finance have all increased the commission applied to foreign transactions from 2.75% to 2.95%. Those spending £1,000 will be charged £29.50.
However, the good news is that the Nationwide and the Post Office impose no foreign loading charge.
Discuss this in the Finance Markets forums
Story link: Huge increase in credit card fees
Add to Bookmarks:
Related financial stories to: Huge increase in credit card fees
- Credit card rejections on the increase
- RBS announces new credit card fees
- Credit card fraud on the increase overseas
- Wise credit card users could gain from card trick
- Credit fees on the rise
- Nationwide improves credit card offer
- Credit card firms cut spending for those with spotless credit files
- Making a Credit Card Change
- New credit card comparison service launched
- Credit card firms profit hugely due to missed payments
Previous: « Majority of students to get grants in 2008
Next: Consumers unperturbed by house price fall »
Visited 1082 times, 1 so far today
