Credit card warning for Christmas shoppers
www.moneynews.co.uk > Credit cards > Credit card warning for Christmas shoppers
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Money News |
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Credit card warning for Christmas shoppers
Thu 29th Nov 2007
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Credit card rates have been going up and borrowers may be caught out by cashback fees or not being able to pay off their balance in full at the end of the festive period, said Samantha Owens, head of personal finance at Moneyfacts.co.uk.
Research by finance advisory company Which? recently predicted that consumers will spend around £35 billion this Christmas.
Some lenders also count gift vouchers or foreign currency as payment by cash meaning buyers should check with their credit card provider on whether they would be charged a fee on such products, Ms Owens noted.
Borrowers should similarly avoid withdrawing funds from the cash machine suing their credit card, because interest rates are higher and charges would apply immediately on such transactions, she added.
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