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| BankruptcyNews |
Posted - 31 October 2007 : 10:43:23
Shock rises in credit card fees
Credit card companies have introduced a whopping 31 different fee hikes over the past month which could end up costing consumers millions in charges.
The main changes, revealed by data analyst Moneyfacts, see a large rise in fees for withdrawing cash and rises in cash interest rates. Banks and building societies have also upped commission on foreign use and increased balance transfer fees.
The largest cash fee jump is from Alliance & Leicester, which upped its rate from 2.25% to 3% of the amount withdrawn from last week. A £250 withdrawal will now cost £7.50. The AA, Bank of Scotland, Halifax and Intelligent Finance have increased rates from 2.5% to 3%; while Nationwide, Smile and Yorkshire Building Society cards are up from 2% to 2.5%.
The largest cash rate increase is from Smile, with a rise from 14.9% to 23.9% on its Gold Visa for current account holders. Remember that withdrawing cash is expensive - there are high fees and there is no interest-free period.
Meanwhile, the AA, Amazon, Bank of Scotland, Britannia Building Society and Intelligent Finance have all upped the commission applied to foreign transactions from 2.75% to 2.95%. Anyone spending £1,000 would be charged £29.50. Only Nationwide, the Post Office and Saga levy no foreign loading charge, though the Saga discount applies only within the European Union.
Alliance & Leicester increased its balance transfer fee from 2.25% to 3% last week; while RBS/NatWest and Tesco cards are up from 2% to 2.5%.
Source: thisismoney.co.uk
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