Credit card withdrawal fees increase

08/10/2007

Credit card customers who use their cards to withdraw money from cash machines are witnessing high fees, further research has been carried out by a price comparison website.

Moneysupermarket the online mainstream comparison website have suggested that credit card users taking cash out are facing much higher fees than last year 2006. After analysing the summery, nearly £8.3 billion have withdrawn per annum using their cards.

Results prove that, UK consumers are being charged 27 pence for each pound withdrawn when using a credit card. Cardholders state that this must stop and feel this is unfair.

Rob Kenley, moneysupermarket.com head manager, commented: "Cardholders should think very carefully before using their credit card to take out cash. At a cost of up to 27p for every pound taken out, this is an exceptionally expensive way to spend."

Mr Kenley added: "You should only withdraw cash from your current account, but we realise sometimes people face unexpected emergencies. If you run out of money but still need to make purchases, then using a credit card with 0 per cent on purchases is much more cost effective."