Thursday 29th March 2007
Credit card holders are being subjected to at least 12 different tactics from banks looking to increase their revenues, according to new research.
Finance website Fool.co.uk has said that banks are increasingly looking to recoup lost income from rate tarts and convenience users who manage to avoid normal fees and charges by implementing new penalties.
These include punishments for late payments such as withdrawing zero per cent offers, introducing annual fees and charging high rates on credit card cash withdrawals.
"[Banks] are picking on sensible customers who always pay their outstanding credit card debts in full," commented David Kuo, head of personal finance at Fool.co.uk.
He advised consumers to read anything sent to them by their credit card provider and double check that terms and conditions are not unknowingly changed.
Banks are also looking at ways of introducing new charges for previously free current accounts. The Office of Fair Trading today announced that it is to conduct a detailed study into retail bank pricing as a result of consumer concerns over such charges.
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