Credit card companies look to benefit whilst consumers pay the price

29/10/2008

A recent study on credit card providers has highlighted that many of these companies have changed the terms and product offerings which will result in more money in the pocket for issuers.  The study highlights a notable trend in credit card users who are increasing using their plastic to withdraw cash; the increase is noted to be more than 30 per cent.

Credit card changes such as reduced interest free periods could be on the cards.  Many credit card companies are also facing increasing costs and feel that that these cannot be absorbed and must be passed on to the consumer.

Many credit card holders will also notice the a reduction of 6 days to 50 days for clearing a payment  of a purchase in order to avoid any interest charges.

According to Paul Green at Saga it was commented “At a time when many people are trying to economise it is a shame that some credit card providers are trying to pass on increased costs to hard-pressed consumers."