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
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Cunning new credit card fees
Mon, 03 Sep 2007
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