Don't use your 0% credit card to withdraw cash
According to research published last week, UK consumers have used their credit cards to take £8.5 billion out of cash machines. This is costing them a fortune in charges. One withdrawal of £20 was estimated to cost £65 over the course of the year in fees and charges.
Credit card providers are of course keen to encourage this trend, and rake in the cash. They're coming up with inventive ways of helping people trigger their high charges. Morgan Stanley has taken to posting out cheques with customers' statements for example.
Credit card providers are of course keen to encourage this trend, and rake in the cash. They're coming up with inventive ways of helping people trigger their high charges. Morgan Stanley has taken to posting out cheques with customers' statements for example.
Do make sure you know how much this is going to cost you before you withdraw cash or use credit card cheques. Credit card companies are making huge amounts of money from people being careless or desperate.
Added : Tuesday 19th February 2008 13:20
Tagged In : Money | Credit Cards
