Withdrawal fees for credit cards increasing

Tue, 02 Oct 2007

Customers who use their credit cards to withdraw money from cash machines are facing large fees, according to a new report by a price comparison site.

According to popular website moneysupermarket, British people using their credit cards to take cash out are facing much higher fees than ever before. According to their research, some £8.3 billion is withdrawn per annum using credit cards .

According to the report, UK consumers are being charged 27 pence for every single pound withdrawn by credit card. The connotations are a no-brainer – consumers need to wise up and stop doing it.

The head of credit cards at moneysupermarket.com, Rob Kenley, reportedly commented: "People should think very carefully before using their credit card to take out cash. At a cost of up to 27p for every pound taken out, this is an exceptionally expensive way to spend. The real killer is the cash withdrawal fee of between £2.50 and £5 on most cards."

He reportedly concluded: "Wherever possible you should only withdraw cash from your current account, but we realise sometimes people face unexpected emergencies. If you run out of money but still need to make purchases, then using a credit card with 0 per cent on purchases is much more cost effective."
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