You are here: Home - Uncategorized -

Credit card companies increase charges

Written by:

Credit card firms are increasing the amount of money they charge customers who make cash withdrawals, analysis from reveals.

The average APR charged for customers using an ATM and not clearing the balance is now around 23.5% – up more than two per cent compared with 21.3% in November 2006.

Sean Gardner, chief executive of, said: “Borrowing cash on your credit card is incredibly expensive and unless it’s really necessary, we’d urge people to think twice before doing it.

“Using a debit card for cash withdrawals is almost always the best idea.”

Not all card providers charge high APRs on cash withdrawals – Co-Op’s Bank Base Rate for Life Visa charges 5.6%. The highest APR is Vanquis’s 46.2%.




Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Motorists driven to wrong kind of insurance

Research has revealed that many UK motorists are paying over the odds for third party car insurance when they could...