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Tuesday 24th of March 2009
November 1, 2007

Huge increase in credit card fees


by Kay Murchie
”Huge

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Alliance & Leicester is the main offender by increasing its rate from 2.25% to 3% of the amount withdrawn.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.

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Story link: Huge increase in credit card fees


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