According to an analysis of the credit card market, uSwitch.com has found that credit card companies adjusting terms and conditions in the last year has generated as much as £1 billion from credit card consumers .
With consumers up against the wall and credit hard to access, the troubled economic climate is posited as the perfect environment in which to sneakily adjust rates. Credit card companies have a captive audience, in that many consumers with credit cards have little recourse but to access credit.
Cunning credit card rate adjustments, according to uSwitch, include the following: Reducing interest-free periods, introducing fees for balance transfers, hitting customers with fees for credit card cash withdrawals, and putting up annual fees for consumers to access airmiles, reward points and other benefits.
Credit card companies charge unfairly
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Credit card companies charge unfairly
Tue, 21 Oct 2008
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