Ingenious new credit card fees are being applied by credit card providers who can no longer legally charge penalty fees, according to a warning by a leading consumer group.
Which? have revealed that credit card companies such as banks and building societies have initiated the changes following Office of Fair Trading warnings over consumer charges for minimum bill payments . The OFT claimed the charges were unfair and ordered them scrapped beneath a certain limit.
To bring their profit back up, Which? indicate that credit card companies will now apply fees for low usage, annual fees, and increase balance transfer costs.
The editor of Which? Money magazine, Martyn Hocking, reportedly commented: "Credit card providers seem to be resorting to a raft of ingenious methods to recoup lost revenue following the OFT crackdown on penalty fees."
Cunning new credit card fees
Credit Card Quote Line
0845 108 0505
Cunning new credit card fees
Mon, 03 Sep 2007
Recommended links
Credit card quotesToday's top credit card results
Credit card information
Compare credit cards
Store cards cost more than credit cards
Consumers against credit card fees, study shows
| credit Card news |
|---|
| Borrowers can question credit card increases - Mon, 05 Jan 2009 |
| Consumers moving from debit to credit cards, expert claims - Fri, 02 Jan 2009 |
| New US credit card rules - Tue, 23 Dec 2008 |
| More News |
Credit Crunch Savers
Tesco Insurance Sale
50% discount on car and home insurance.
Offer ends 7th Jan 09
Offer ends 7th Jan 09
Post Office Instant Saver
Protect your savings with the Post Office saver
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Virgin Credit Card
0% APR on balance transfers for 16 months